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How Innovation Works (HB)

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How Innovation Works (HB)

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Innovation is the main event of the modern age, the reason we experience both dramatic improvements in our living standards and unsettling changes in our society. It is innovation that will shape the twenty-first century. Yet innovation remains a mysterious process, poorly understood by policy makers and businessmen alike. Matt Ridley argues that we need to see innovation as an incremental, bottom-up, fortuitous process that happens as a direct result of the human habit of exchange, rather than an orderly, top-down process developing according to a plan. Innovation is crucially different from invention, because it is the turning of inventions into things of practical and affordable use to people. It speeds up in some sectors and slows down in others. It is always a collective, collaborative phenomenon, involving trial and error, not a matter of lonely genius. It still cannot be modelled properly by economists, but it can easily be discouraged by politicians. Far from there being too much innovation, we may be on the brink of an innovation famine. Ridley derives these and other lessons from the lively stories of scores of innovations – from steam engines to search engines – how they started and why they succeeded or failed.

Matt Ridley

Matt Ridley (born 7 February 1958), is a British journalist and businessman. He is best known for his writings on science, the environment, and economics.[5] He has written several science books, including The Red Queen: Sex and the Evolution of Human Nature (1994), Genome (1999), The Rational Optimist: How Prosperity Evolves (2010) and The Evolution of Everything: How Ideas Emerge (2015). He publishes a blog and has been a regular contributor to The Times newspaper.

Title

How Innovation Works (HB)

Author

Matt Ridley

Publisher

Fourth Estate

Number of Pages

422

Language

English (US)

Category

  • Economics
  • First Published

    JAN 2020

    Innovation is the main event of the modern age, the reason we experience both dramatic improvements in our living standards and unsettling changes in our society. It is innovation that will shape the twenty-first century. Yet innovation remains a mysterious process, poorly understood by policy makers and businessmen alike. Matt Ridley argues that we need to see innovation as an incremental, bottom-up, fortuitous process that happens as a direct result of the human habit of exchange, rather than an orderly, top-down process developing according to a plan. Innovation is crucially different from invention, because it is the turning of inventions into things of practical and affordable use to people. It speeds up in some sectors and slows down in others. It is always a collective, collaborative phenomenon, involving trial and error, not a matter of lonely genius. It still cannot be modelled properly by economists, but it can easily be discouraged by politicians. Far from there being too much innovation, we may be on the brink of an innovation famine. Ridley derives these and other lessons from the lively stories of scores of innovations – from steam engines to search engines – how they started and why they succeeded or failed.
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