The Economics Show
Is innovation slowing down? With Matt Clancy
Feb 10, 2025
Matt Clancy, an innovation economist and author, dives into the intriguing decline of productivity growth since the 1960s despite rising R&D investments. He explores whether society has become too risk-averse or if we've exhausted easier scientific advancements. Clancy discusses the limitations of traditional research funding and the need for experimental approaches to rejuvenate innovation. He also highlights the optimistic potential of AI in fostering collaboration and enhancing scientific productivity, proposing a more adventurous funding landscape.
34:54
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Quick takeaways
- The podcast highlights a cultural shift in the West from an embrace of rapid progress to a more cautious approach that may impede innovation.
- It emphasizes the need for innovative funding models and experimentation in scientific research to reinvigorate productivity and breakthroughs.
Deep dives
The Shift in Cultural Attitudes Towards Progress
The podcast discusses a cultural shift in the Western perspective on progress and innovation, moving from a mindset that embraces rapid advancements to one that emphasizes caution and risk management. This change is believed to have significant implications for economic growth and societal development. The conversation explores the historical context, highlighting that during the Industrial Revolution, a belief in progress fueled the pursuit of practical improvements and economic transformation. It is suggested that this belief system served as a self-sustaining force, contrasting sharply with today's more cautious attitudes.
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