Innovation is the child of freedom because it is a free, creative attempt to satisfy freely expressed human desires. This reliance on freedom explains why innovation cannot easily be planned as neither human wishes nor the means of their satisfaction are easy to anticipate in the detail required. Why nobody really knows how to cause innovation, because no one can make people want something. We would not be able to live prosperous lives and have such low child mortality and long life spans if it weren't for innovations like vaccination,. which is a beautiful example of a technology that has ably large upsides and extremely small downsides despite ther worries of male people.
What's the difference between invention and innovation? Could it be that innovation--the process of making a breakthrough invention available, affordable, and reliable--is actually the hard part? In this week's EconTalk episode, author Matt Ridley talks about his book How Innovation Works with EconTalk host Russ Roberts. Ridley argues that we give too much credit to inventors and not enough to innovators--those who refine and improve an invention to make it valuable to users. Along the way, he emphasizes the power of trial and error and the importance of permissionless innovation.