Economic Discovery and Innovation

This lecture explores the concept of economic discovery and innovation, emphasizing the importance of new ideas materializing into economically viable products or services. It delves into the historical context of economic immobilism and the transformative power of innovations on society. Through examples like the development of refrigerators and the Concorde aircraft, the instructor illustrates how technologies must grip firmly to the economy to become innovations. The lecture also discusses the impact of innovations on living standards and productivity growth, highlighting the role of economic and social discoveries in creating value. By differentiating between technological advancements and true innovations, the lecture underscores the significance of economic knowledge and consumer preferences in driving successful innovations.