How Innovation Works - Featuring: Matt Ridley

Deirdre McCloskey's "Bourgeois Virtues" delves into the ethical and moral dimensions of the rise of capitalism. The book challenges the notion that capitalism is inherently amoral or even immoral, arguing that it fostered a culture of innovation, entrepreneurship, and individual liberty. McCloskey explores the role of virtues such as honesty, hard work, and creativity in driving economic growth and social progress. She argues that the rhetoric of capitalism, emphasizing individual agency and the pursuit of excellence, played a crucial role in shaping the modern world. The book is a significant contribution to the ongoing debate about the relationship between capitalism and morality, offering a nuanced and thought-provoking perspective.

In 'The Rational Optimist', Matt Ridley presents a bold and provocative interpretation of economic history, arguing that the innate human tendency to trade goods and services, along with specialization, is the source of modern human civilization. The book covers the entire sweep of human history from the Stone Age to the Internet, highlighting how life is improving at an accelerating rate through increased food availability, income, and life span, while disease, child mortality, and violence are decreasing globally. Ridley emphasizes the role of free trade, individual rights, and innovation in enhancing human prosperity and natural biodiversity despite potential setbacks.

In 'How Innovation Works', Matt Ridley argues that innovation is a collective, collaborative, and gradual process that turns inventions into practical and affordable solutions. He emphasizes that innovation is distinct from invention and requires freedom to exchange, experiment, and fail. Ridley draws on numerous historical examples, from steam engines to search engines, to illustrate how innovation speeds up in some sectors and slows down in others. He also highlights the importance of trial and error, persistence, and the role of many individuals rather than solitary geniuses in the innovation process. The book underscores that innovation is crucial for modern prosperity and warns that it can be easily discouraged by political interference.

In this book, Kevin Kelly presents a sweeping vision of technology as a living force that is an extension of biological evolution. He introduces the concept of the 'technium,' a global, massively interconnected system of technology that evolves based on its own inherent desires and instincts. Kelly argues that technology is not just a tool but a self-evolving entity that gives our lives greater meaning. He outlines a dozen trajectories for technology in the coming decades and emphasizes the importance of aligning ourselves with technology's agenda to capture its colossal potential. The book is both visionary and optimistic, exploring how technology can expand our individual potential and drive progress in society.

In 'Longitude', Dava Sobel narrates the epic scientific quest to determine longitude at sea, a problem that had plagued navigators for centuries. The story centers around John Harrison, a self-educated clockmaker from Yorkshire, who devoted forty years to developing a series of precise chronometers that could accurately measure time even on long and rough sea voyages. By comparing the chronometer's time to local sun time, navigators could precisely measure longitude, a breakthrough that significantly improved maritime navigation and saved countless lives. The book also delves into the historical context, including the establishment of the Board of Longitude and the scientific and political rivalries of the time, making it a compelling tale of human ambition, science, and innovation.