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Innovation’s low-hanging fruits: on the demand or supply sides?

Cross-posted at Less Wrong.

This is an addendum to a previous post, which argued that we may be underestimating the impact of innovation because we have so much of it. I noted that we underestimated the innovative aspect of the CD because many other technologies partially overlapped with it, such as television, radio, cinema, ipod, walkman, landline phone, mobile phone, laptop, VCR and Tivo’s. Without these overlapping technologies, we could see the CD’s true potential and estimate it higher as an innovation. Many different technologies could substitute for each other.

But this argument brings out a salient point: if so many innovations overlap or potentially overlap, then there must be many more innovations that purposes for innovations. Tyler Cowen made the interesting point that the internet isn’t as innovative as the flushing toilet (or indeed the television). He certainly has a point here: imagine society without toilets or youtube, which would be most tolerable (or most survivable)? Continue reading

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