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Andy G's avatar

“The value of that innovation will go away when that goal goes away.”

Hmmm…

You seem deliberately to be avoiding the compounding effects of the growth of wealth.

Yes, ceteris paribus, what you write is true. But ceteris is rarely paribus.

I’m just restating the Cowen Stubborn Attachments thesis, really. The best thing we can do for our descendants is sustainably grow what makes us all wealthy.

So a “rocket booster” that only adds value for 50 years, but makes society fantastically more productive and wealthy during those 50 years, likely is much more valuable over the next, say, 500 years than something which delivers less value the first 50 but continues to add non-zero value “forever”.

This is not to deny the value of “adaptiveness”, since I fully agree that adaptiveness is necessary for delivering “sustainable”.

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Kenny Fraser's avatar

I don't think I agree with this (or at least I don't fully understand). The best innovation is adaptive - yes. But goals are just a mechanism. It is quite feasible to create an innovation in pursuit of a narrow goal that turns out to have wide application. It is also possible to innovate without any goal to pursue.

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