Stop Worrying About Basic Research: Focus On Practical Innovation
15th February 2009
For years, we’ve been among those pointing out that the really important thing in economic growth isn’t invention, but innovation. It’s the process of actually taking an idea and successfully bringing it to market in a way that people want that matters in the long run. Coming up with new ideas is only a small part of the process. That’s why we often have so much trouble with the way the patent system works. It greatly enhances the role of simply coming up with the new idea, and then makes the important part — the innovation — a lot more expensive.
Preach it, brother.