Archive for July 15th, 2009
Wednesday, 15 July 2009 by dbhalling in Economics, Innovation • 1 Comment
What do we mean by innovation? We mean the creation of something new. Because of conservation of matter (and energy), new does not mean creating something out of nothing. As used here innovation means a new combination of elements and connections that has positive value to a human being. Combinations of elements and connections that are new but have no value to any human being are generally noise. However, in the case of failed attempts to solve a problem the new combination may have value in what does not work. For instance, Edison considered his attempts to create a light bulb as having negative value. He told a reporter, “I now know definitively over 9,000 ways that an electric light bulb will not work.”
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