Essays /

131009 Ims3 Essay

Essay preview

SL 64/60. Actors in the Innovation landscape !! to understand innov. dynamics Entrepreneurs
Firms
???
Scientific research = market failure = market mechanism fails to reach equilibrium between supply and demand Nobel prize 2013:
For theoretical model written in 1964 = more than 50 years ago 2012 discovery of boson in CERN = empirical evidence of that paper Product? Where is the ROI? = advancement of science
Who is paying?
Public, tax payer
Why?
Firms reluctant to invest in basic research
the time scales are too long, the ROI too conceptual (= timing issue + you don’t even now if it there will be a result, and when there is a result, will there by any money in it?) SL67 innovation & market failures

Innov implies uncertainty: technical and commercial
[1964: +- same time +- simultaneously 3 papers, supposedly independently but BS] => market decides not to invest
is that a problem?
Is all the money invested in CERN a waste of money when compared to causes like alleviating poverty or disease? Here, e.g. it could be a step towards nuclear fusion as an energy source = would solve all our energy problems, which we know exists (in the sun) but cannot recreate Or cable to the moon < nanofiber cable

Maybe you see no individ./economic Benefit but there could be a social benefit, cf. Arrow SL 62 Risk of such an investment:
Insurance? What will be premium?
Won’t work: you have to pay 60% of your I to your insurance Now there is only one CERN but other centers could pop up
Investor wants researcher to invest some of his own money in the res...

Read more

Keywords

+50 -12 -25 ./economic 0 1 10 100 1000 131009 1964 1bio 2 20 2001 2005 2012 2013 2nd 3 300 40s 50 60 60s 62 64 64/60 8 abl abroad academ activ actor actual advanc ago al align allevi almost also amazon american among analyz anymor appl appli appropri around arrow asia asian aspect avail backward base basic bc becom behavior behind beneath benefit berlin best big bio biotech blossom boson brain brainpow bring bs buy cabl cannot capac car caus center cern cf cheaper chemic chrysler cie circl close comfort commerci commiss compani compar competit compromis conceptu condit consortium consum copi cost could countri creat d danger deadlin debat decid declin deficit demand depart develop didn differ difficult disclosur discoveri diseas dosi drain driven drug dynam e.g ebay econ econom effect effici eg elimin empir employ end energi engin enough entiti entrepreneur entrepreneuri environ equilibrium equipment/system establish et etc ethic eu eur euro europ european even evid evolut exchange/spillover exist expans extra face fail failur fall figur financi find firm firm-sid ford foundat fr frame free freeli freerid full fusion futur fwo gain gap gdp general generat german get giant gm go goal govern govt graduat greek grow growth gsm gvt hadn happen hazard help hidden histori hope horeca hq huge ict imec impli import imposs ims3 inclus independ individ industri infring inner innov institut insur integr intellectu intellig internet invent invest investor iproduct issu italian ivori japanes keep kind know knowledg korean lack lag laid landscap lead less let like lisbon local london long look lose loss lot lr ltd macro macro-econom made make manag manipul manufactur margin market materi matur mayb mechan mio mit model money monopoli moon moral mr much munich munich-bas nanofib nation natur necess net never no-go nobel non non-pat noth nuclear number oct one organ outer paper paradox pari part patent pay payer pbl peopl perform person pharmaceut pop popul posit possibl poverti premium privat prize probabl problem problem/freeriding product professor profit properti public put r reach reason recreat reduc reflect reli reluct reproduc requir research respect restart result right risk risk-tak roi rose scale scandinavian scienc sciendif scientif secur see seen share shut side simultan sl sl4 sl64 sl67 slow small smarter social societi sold soldier solut solv sourc southern spend spite star start step still stop strang strateg student success sue suffici sun suppli supplier support suppos sy syllabus system take target tax technic term theoret three time toward tower travel treati treatment tree troll uk uncertainti understand uni us useless v valu varieti vs want wast wealth welfar wide won work world would wouldn written year yes