Check it out! In The Venturesome Economy, Amar Bhidé of Columbia University examines the role of entrepreneurship and innovation in a global economy. In a great interview/podcast on Econtalk, Russ Roberts draws Bhidé out on these topics. One overarching theme – the source of economic growth is not technology, per se, but the application of technology to market-relevant products; and that the U.S. national innovation system (research, funding, and labor) has historically been quite adept at this entire process. What happens now, however, is open for debate.
The last 25 minutes of the interview are particularly interesting for those with a scholarly bent, as the conversation turns to a discussion of Schumpeterian versus Hayekian models of innovation and the impact of Knightian uncertainty in the entrepreneurial process.
I think Bhidé is right and that there’s a lot to be optimistic about. One key issue is making sure that that the U.S. national innovation system remains flexible and resilient.
Where do you think tomorrow’s breakthrough innovations will come from? And who will provide them? The university lab? Corporate research and development? Your garage?