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The Answer Is Transaction Costs
Permissionless Innovation: Unshackling Potential or Unleashing Chaos?
Nov 21, 2023
Adam Thierer, senior fellow at the R Street Institute, explores permissionless innovation and its impact on society. The podcast discusses cultural attitudes towards innovation, obstacles faced by permissionless innovation throughout history, the importance of trial and error, talent migration and capital investment in innovation, the concept of intransitive preferences, and the benefits of transaction costs in protecting people.
50:54
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Quick takeaways
- Permissionless innovation allows for experimentation and learning, driving economic progress.
- Balancing intellectual property rights with openness is crucial for fostering innovation while protecting innovators.
Deep dives
The importance of permissionless innovation
Permissionless innovation is crucial for economic growth fueled by technological innovation. It allows for experimentation, trial and error, and learning through the process of innovation. Cultural and policy attitudes towards risk-taking and permissionless innovation play a significant role in driving economic progress. A case study of the rise of the digital revolution, e-commerce, and the internet demonstrates the power of innovation when cultural and policy attitudes support experimentation and new ways of doing things. The success of platforms like Uber and Lyft, which disrupted the traditional taxi industry, highlights the benefits of permissionless innovation.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode