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'Growth comes through change and causes change'

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Growth Comes Through Change and Causes Change: The David McCord Wright Lecture - Economic Insights, Special University of Georgia Issue, April 19, 2000 - Dallas Fed InsightsEconomic I’m both pleased and honored to give the David McCord Wright lecture. Pleased because it brings me home to Georgia— to the scene of the crime, so to speak. Lewis Grizzard spoke for me when he titled one of his books If I Ever Get Back to Georgia, I’m Gonna Nail My Feet to the Ground. I know the feeling. I’m honored because the first David McCord Wright lecture was given by my friend and senator, Phil Gramm. Phil and I were in graduate school here together in the mid- 1960s, and he was the quarterback of our touch football team. (I think he owned the ball.) I’m proud of Phil because I know the brand of free enterprise economics we learned here, and to my knowledge he has never sacri- ficed his economic principles to political expediency. Not even while running for president. Which may be why he lost. But most of all, I’m honored because of the man this lecture remembers. assistant and I split the class to interpret, elaborate and fill in the blanks. It helped greatly that Pro- fessor Wright had written the text- book. In retrospect, I’m not sure that Professor Wright was eccentric, but he seemed so at the time. He’d had facial surgery, which caused him to talk out of the side of his mouth. And he wore a hearing aid, which sometimes caused him to talk too loud, augmenting his natural exuberance. When he wanted pri- vacy, he would close his office door and turn off his hearing aid so he couldn’t hear me knocking. I hope I wasn’t the only one he did that to. Professor Wright would give startling—seemingly off-the-wall— answers to questions, answers he appeared to have saved up for years, just waiting for the right sucker to come along. (Sucker was a word he used a lot.) His oddball answers were oddly thoughtful and appropriate. He was teaching us to think about old things in new ways. Today’s clic

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