Money and Finance
The Myth of the Innovator Hero - By Vaclav Smil
Found via Paul Kedrosky.
We like to think that invention comes as a flash of insight, the equivalent of that sudden Archimedean displacement of bath water that occasioned one of the most famous Greek interjections, εὕρηκα. Then the inventor gets to rapidly translating a stunning discovery into a new product. Its mass appeal soon transforms the world, proving once again the power of a single, simple idea.
But this story is a myth. The popular heroic narrative has almost nothing to do with the way modern invention (conceptual creation of a new product or process, sometimes accompanied by a prototypical design) and innovation (large-scale diffusion of commercially viable inventions) work. A closer examination reveals that many award-winning inventions are re-inventions.
Most scientific or engineering discoveries would never become successful products without contributions from other scientists or engineers. Every major invention is the child of far-flung parents who may never meet. These contributions may be just as important as the original insight, but they will not attract public adulation. They will not be celebrated by media, and they will not be rewarded with Nobel prizes. We insist on celebrating lone heroic path-finders but even the most admired, and the most successful inventors are part of a more remarkable supply chain innovators who are largely ignored for the simpler mythology of one man or one eureka moment.
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Jeff Bezos’ Letter To Shareholders
Link to: Jeff Bezos’ Letter to Shareholders We have the good fortune of a large, inventive team and a patient, pioneering, customer-obsessed culture – great innovations, large and small, are happening everyday on behalf of customers, and at all levels...
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Metaphors Are Us – By Robert Sapolsky
Thanks to Kjetil for passing this along. Humans used to be unique in lots of ways. We were the only species who made tools, murdered each other, passed on culture. And each of those supposed defining features has now been demonstrated in other species....
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Nassim Taleb Quote
From Antifragile:There is something sneaky in the process of discovery and implementation—something people usually call evolution. We are managed by small (or large) accidental changes, more accidental than we admit. We talk big but hardly have any...
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Bill Gates: My Plan To Fix The World's Biggest Problems
We can learn a lot about improving the 21st-century world from an icon of the industrial era: the steam engine. Harnessing steam power required many innovations, as William Rosen chronicles in the book "The Most Powerful Idea in the World." Among the...
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Invention Is The Mother Of Economic Growth - By Nathan Myhrvold
Found via The Big Picture. One reason “dismal science” aptly describes economics is that it so often winds up in a zero-sum trade-off of diminishing returns. That gets depressing when the global economy is in a sorry state, as it is now. Most economists...
Money and Finance