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Openness to Creative Destruction: Sustaining Innovative Dynamism

Arthur M., Jr. Diamond


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Openness to Creative Destruction: Sustaining Innovative Dynamism shows how life improves under the economic system often called “entrepreneurial capitalism” or “creative destruction,” but more accurately called “innovative dynamism.” The book describes how, in such a system, innovation occurs through the efforts of inventors and innovative entrepreneurs, how workers on balance benefit, and how good policies can encourage innovation. The inventors and innovative entrepreneurs are often cognitively diverse outsiders with the courage and perseverance to see and pursue serendipitous discoveries or slow hunches. Economies grow where innovative dynamism flourishes through leapfrog competition, as in the United States from roughly 1830 to 1930. Consumers vote with their feet for innovative new goods and for process innovations that reduce prices, benefiting ordinary citizens more than the privileged elites. Some labor-market fears are unjustified, since more and better new jobs are created than are destroyed; other fears can be mitigated by better policies. Since breakthrough inventions are costly and difficult, patents can be fair rewards for invention and can provide funding to enable future inventions. At the key early stage of most breakthrough innovations, when innovative ideas are hardest to communicate and most widely doubted, the innovations are largely self-funded. The steady growth in regulations, often defended on the basis of the precautionary principle, increases the costs of innovation for the entrepreneur. Secular (long-term) stagnation is due to bad policies, not to having picked the low-hanging fruit, as illustrated by innovative medical entrepreneurs who are constrained from bringing us quicker and better cures for cancer.


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