William Janeway: The Market or the State? (2/6)

The video discusses the innovation economy, emphasizing the importance of waste in the process. It breaks down the innovation process into three phases: discovery, deployment, and economic exploration. The speaker distinguishes between Keynesian and Schumpeterian waste, highlighting the role of the state in funding innovation. Historical examples, such as the role of monopolies and the impact of bubbles, are used to illustrate these concepts. The video concludes with a discussion on current challenges and the future outlook for innovation, particularly in clean tech.

What are the three phases of the innovation process mentioned in the text?

What is the significance of waste in the innovation process as described in the text?

How does the speaker differentiate between Keynesian waste and Schumpeterian waste?

Why does the speaker argue that the neoclassical economics framework is inadequate for evaluating government spending?

What role does the state play in the funding of scientific discovery according to the speaker?

In what ways does the speaker suggest that the state can influence the innovation economy?

What examples does the speaker provide to illustrate the concept of 'useful bubbles'?

How does the speaker view the relationship between technological innovation and economic growth?

What concerns does the speaker raise about the current investment in clean technology?

What implications does the speaker suggest arise from the high tolerance for Keynesian waste in developed countries?