Inside Humanity's Infinite Improbability Drive - Matt Ridley
The Joe Walker Podcast
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The Paradox of Innovation
The economics profession spent 200 years not grappling with this paradox of which of these two is true. Do we get increasing returns, or do we get diminishing returns? They kind of went with diminishing returns, people like David Ricardo and John Stuart Mill basically think that this Industrial Revolution lock is bound to run out of steam sooner or later. But where does innovation come from? Well, it's just manner from heaven, it just happens. So we'll just add it as a fudge factor into our equations. Paul Roma is saying no, we need this to be endogenous. We need innovation to be a product of what we do, as well as an input to what we do. And I mean
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