walter isaacson: Jobs basus and edison have this one thing in common, which is that they spotted that innovation itself could be a product. The reason nuclea has been unable to innovate in the last generation is because every new design must go through such an enormously expensive and time consuming a regulatory approval process. If it doesn't work, youare a billion dollars out of pocket. It's not worked nearly as well in transport, which ground to a haltabout 50 years ago,. In terms of improvements in speed, at least. I mean, sure, aeroplanes are more l less likely to crashd but they don't go any faster than they did in the
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.