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  • Author: Fredrik Erixon, Bjorn Weigel
  • Publication Date: 10-2016
  • Content Type: Special Report
  • Institution: The Cato Institute
  • Abstract: The great value of innovation is not merely in invention but rather diffusion and adaptation. And real innovation requires an economy that runs on the culture of experimentation and is open to innovators and entrepreneurs contesting markets—challenging incumbents to such a degree that it redefines the market (like Apple’s iPhone did with the handset market in 2007). In the past decades, however, these forces of diffusion and adaptation simply have not been powerful enough; in fact, legislators have acted to shield incumbent businesses from them. Now the existential challenge that capitalism faces is the growing resistance to innovation.
  • Topic: Economics, Political Economy, Digital Economy
  • Political Geography: America, Global Markets