The profit and loss system provides quick feedback on the quality of innovation.
Barriers to entrepreneurship and innovation are significant in Canada.
In a $19 trillion economy, the loss of a $70 billion industry just isn’t that big a deal.
You get technological breakthroughs when trying to solve problems, often problems found in previous technology.
Monday morning I was in class teaching the “Coase solution” to externalities problems, which is named after its discoverer, Ronald Coase, the Nobelist economist and one of very few humans ever to publish a book in his second century.