Economics of Crisis Innovation

This lecture highlights the importance of crisis innovation, focusing on the unexpected speed of innovation during the COVID crisis and comparing it to other challenges like the climate crisis. The instructor discusses the concept of crisis innovation and its impact on the innovation system, drawing on the work of Dick Nelson and Dominique Foray. The lecture emphasizes the essential framework provided by Nelson in his book 'The Moon and the Ghetto' to understand the nature of grand challenges in today's world, beyond just science and technology.