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131009 Ims3 Essay

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SL 64/60. Actors in the Innovation landscape !! to understand innov. dynamics Entrepreneurs
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
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...

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