Monday, August 01, 2016

Waste, waste, waste » TripleCrisis

Waste, waste, waste » TripleCrisis: "Bill, as mentioned, describes the phenomenon of `Schumpeterian Waste’: or the waste in terms of resources that arises from the fact that some failure of firms is necessary for the proper functioning of capitalist dynamics. As his introduction puts it: “economic growth has been driven by successive processes of trial and error and error and error: upstream exercises in research and invention, and downstream experiments in exploiting the new economic space opened by innovation. Each of these activities necessarily generates much waste along the way: dead-end research programs, useless inventions and failed commercial ventures.” Bill suggests that there needs to be a break from concerns about financial returns and investment (thereby necessitating a role for government) in order for this to work effectively."

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