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There are three types of incentives:
The big technical leap of the 1930s could not have happened without the devastation of the depression. However, there is a limit to stress-induced innovation: The foundations of the economy itself should remain intact to support new ideas and innovations.
This balance bet...
Innovations usually begin with an attempt to solve a specific problem, but they end up triggering other changes that would have been very difficult to predict. An innovation in one field ends up encouraging changes in different domains.
The biggest innovations seldom happen when everyone's happy or safe. They happen when people are a little panicked and worried, and when they have to act quickly.
In 1932, the stock market fell by 89%. It was an economic disaster where almost a quarter of ...
Two of the biggest innovations of modern times are cars and airplanes. At first, every new invention looks like a toy. It takes decades for people to realise the potential of it.
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