PHI 2394 Lecture Notes - Lecture 13: John Maynard Keynes, Nelson Rockefeller, Kondratiev Wave
4 May 2016
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Document Summary
Ir in england 18th/19th centuries, and other countries had the same basic principals; let business happen, technological waves, be pro-science. China could have advantageous backwardness because of censorship and not much freedom. When sci/tech come together, you will have some kind of economic impact. Science can sometimes have inventions that don"t catch on in the market. Einstein, galileo, darwin, copernicus had huge impacts in science but at the time they were around there was no economic impact from their discoveries. Because when science works alone, it doesn"t have an economic impact and business doesn"t notice. Only happens when technology is involved, then science plays big role in economy. It is not the scientist, but the entrepreneur who makes an economic impact (takes invention and sells it) Inventor of the tv (richard farnesworth) he invented in 1890 but tv didn"t catch on until 1940"s after war, shows big gap between invention and innovation.
