Innovation is the bedrock of a prosperous economy. Consider the Spinning Jenny, invented by James Hargreaves in 1764. It was a simple technology that allowed predominantly women and children to be far more productive in producing yarn: instead of one string of yarn at a time, the Spinning Jenny allowed a spinner to work eight spools at once. Further developments increased this number to 120. (Today’s equivalent would probably be your colleague showing you a code that suddenly reduces hours of manual data work to the instantaneous press of a single key.) It’s quite obvious that one of the most fundamental questions in economics must be about how society encourages innovations like the Spinning Jenny (or your colleague’s software programme).
We need an ideological revolution
We need an ideological revolution
We need an ideological revolution
Innovation is the bedrock of a prosperous economy. Consider the Spinning Jenny, invented by James Hargreaves in 1764. It was a simple technology that allowed predominantly women and children to be far more productive in producing yarn: instead of one string of yarn at a time, the Spinning Jenny allowed a spinner to work eight spools at once. Further developments increased this number to 120. (Today’s equivalent would probably be your colleague showing you a code that suddenly reduces hours of manual data work to the instantaneous press of a single key.) It’s quite obvious that one of the most fundamental questions in economics must be about how society encourages innovations like the Spinning Jenny (or your colleague’s software programme).