Innovation Fundamentals

This lecture explores the economic fundamentals of innovation, discussing the historical context of economic immobilism, the role of uncertainty and entrepreneurial risk, and the tension between innovation and societal challenges. It delves into the importance of private entrepreneurs and firms as the main innovation agents, the institutions supporting economic discovery and innovation, and the autonomy of innovators. The lecture also examines the challenges in translating ideas into successful innovations, the impact of innovation on addressing societal problems, and the significance of innovation in transforming society. Various examples, such as clean energy technologies and vaccines for neglected diseases, are used to illustrate the concepts discussed.