AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
The Path Dependencies of Innovation
There's this wonderful story that paul crewman tells in a book he wrote called pedaling prosperity carpets when they started to be made and i don't know anything about carpets. They all started being made in this place called dulton georgia and are still today something like 80% of carpet production is made there. There's very strong sort of dynamic returns to scale because it started there then all the innovation ended up happening there. I mean the fact we still have an internal combustion engine today in our cars is because we also get locked into right uh these technologies.