We should crowdsource a list of all the potential reasons the United States has become less innovative. I'll start: - Weaker patent protection - No existential threat to incentivize innovation (USSR) - Falling testosterone - Social media changing incentives
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- Overfinancialization of our economy (hedge funders make more money than inventors and engineers) - We've found all the good ideas already - Manufacturing has left the United States What else????
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Replying to @Molson_Hart
In the 50s you could support a household (buying home, 2 cars, tuition) on one income. One could afford to take risks or have employment for life.https://www.theglobeandmail.com/report-on-business/rob-commentary/the-sad-demise-of-the-one-income-family/article4199558/ …
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Replying to @dragosilinca @Molson_Hart
According to some research, there are actually fewer companies being created now than 30 years ago https://www.nber.org/papers/w21776
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Replying to @dragosilinca @Molson_Hart
Potentially more competition now too. After WW2 much of the world infrastructure was destroyed, except in the US. Communism also slowed large economies becoming competitive. Easy to be great then.
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Replying to @dragosilinca
I think that competition encourages innovation. Without it, where's the incentive? I like your argument about the increased costs of raising a family, living life. Business formation is way down. I think a lot of that is structural, but some is not. People are less ambitious.
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Another person with the same thought @gsvigruha
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