Laws of Innovation
Conservation Law of Innovation:
All innovations are combinations of existing/known elements.
Causality Law of Innovation:
Invention precedes production, production precedes consumption and discovery precedes invention.
Set Law of Innovation:
The number of potential innovations is essentially infinite.
Rate Law of Innovation:
The rate of innovation is dependent on the number of innovators, the size of the set of elements the innovators can access, and the size of the set of goals.
Commons Law of Innovation:
Innovations are not subject to overuse. The creation of innovations is subject to under investment without property rights in innovations. The diffusion of innovations is subject to under investment without property rights in innovations.
Income Law of Innovation
The per capita income of a large population can only increase over the long term if their level of technology increases.
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