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Is Innovation Exploding or Expiring?

Is global innovation waxing or waning? That depends on who you listen to. How we react to economic transitions can depend on the stories we hear and repeat about them. As Nobel laureate Robert Shiller puts it, sometimes these stories “inspire us to go out and spend, start businesses, build new factories and office buildings.” Other times, “they put fear in our hearts and impel us to sit tight, save our resources, curtail spending, and reduce risk.” So it may be with today’s competing narratives on innovation: one portrays a civilization that has run out of big ideas; the other suggests we are on the brink of a new industrial revolution.   More