William Janeway

The video discusses the shift from a Malthusian economy, where productivity increases led to population growth, to an economy driven by technological innovations. These innovations, supported by speculative finance and state governments, have expanded economic possibilities. The video emphasizes the importance of understanding the conditions under which innovation becomes economically significant. It also highlights the role of speculative finance in funding infrastructure projects like canals, railroads, and the Internet, which in turn create new economic opportunities.

What is the significance of understanding the conditions under which innovation becomes economically significant?

Discuss the impact of infrastructure projects like canals and railroads on the economy.