[ExI] A Nobel laureate and climate change

Dennis May dennislmay at yahoo.com
Sun Sep 18 14:44:35 UTC 2011

BillK wrote:
"The depressed market doesn't want innovation. The US needs
 jobs first, then people will have money to spend."
Redistribution of wealth destroys innovation and markets.
If the government reduced its footprint - problems of innovation
would solve themselves.  The decline of innovation coincides
with growth of the government footprint.
For every innovation coming out of government more unseen
private innovations were destroyed.  Redistribution to government
stifles innovation.  Government taking from innovators cannot
spur net innovation.
Dennis May

From: BillK <pharos at gmail.com>
To: ExI chat list <extropy-chat at lists.extropy.org>
Sent: Sunday, September 18, 2011 3:36 AM
Subject: Re: [ExI] A Nobel laureate and climate change

2011/9/17 kellycoinguy wrote:
> Bill.. If the rich want to produce spatulas or vacuums.. Then yes they go to
> China to get them built... But if they want true innovation, rather that
> rote duplication of stuff that has already been done, then there is still no
> place to beat the USA.
> A big part of successful innovation is venture capital. China's government
> funds some research.. But it is a drop in the bucket compared to the US
> private investment in true innovation.

Your first comment agrees that production facilities are cheaper and
more productive in China. So more US innovation won't create much
employment in the US.

The financial press has noted that some (many?) US companies are not
bringing new products to market because in the current economic
depression consumer demand has collapsed. The depressed market doesn't
want innovation. The US needs jobs first, then people will have money
to spend.

There is much concern that US innovation is falling behind other
countries. Even Obama has commented on this. A recent report is here:

The pace of US innovation has slowed since the 1970s. Mainly because
government funded research has halved. Basic research is funded by
government. (Barcodes, fiber optics, MRI machines and GPS technology
are just a few of the innovations that came out of government-funded
basic research).
Venture capital funds the development of new trinkets for individual
firms to manufacture in China and sell in the US and make a profit.
And they need consumers willing and able to buy their trinkets.

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