3min chapter

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S2 E6: Inventors/Engineers, Directed Technical Change, and the British Industrial Revolution with Walker Hanlon from Northwestern University

The Innovation and Diffusion Podcast

CHAPTER

The Shift from Laissez-Faire: Understanding Government's Role in Innovation

This chapter explores the evolution of Britain's laissez-faire government approach between 1800 and 1914, highlighting the initial minimal intervention in the economy. It discusses how the complexities of the Industrial Revolution and significant market failures led to increased government regulation, addressing issues like externalities and information asymmetries.

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