The Idea Factory, by Arnold Kling (Econlog)
It is a book about the great discoveries made at Bell Labs. The author is Jon
Gertner, and I read it on Tyler Cowen’s recommendation. It is definitely worth
reading, although not in the elite class of new books. It gives one plenty of
food for thought on issues relating to innovation.
How important is the single great individual?
How important is it to have a company with the luxury to fund research that
does not have an immediate payoff?
Is the path of innovation inevitable or accidental? Does innovation Z occur
because it naturally follows from innovations X and Y, or can it arise_ sui
generis_?
How variable is the timing with which an innovation takes off? Many pundits
expected video phones and electric cars to take off much sooner than they
have. Other inventions, such as the cell phone or Facebook, have achieved
widespread adoption with surprising rapidity.
Perhaps most interesting of all: what is the lag between discovery and
widespread usefulness? At the bloggers’ conference last week, Michael Mandel
said that the results in medicine of the discoveries of the past twenty years
have been disappointing. But 20 years after the invention of the …
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