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The Price of Fish: A New Approach to Wicked Economics and Better Decisions by Ian Harris, Michael Mainelli

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11 ENCLOSURES OF THE MIND:INNOVATION ANDCOMPETITIVE SELECTION

We continue to explore the evolution stream by looking at innovation and competitive selection. Competition is essential to markets, but without innovation, we have no new competition. In the words of Michael Porter: “innovation is the central issue in economic prosperity.”1 Research and development expenditure in OECD countries represents between 1 and 3 percent of GDP, well in excess of $500bn per annum when government, major corporate, and smaller organizations’ R&D is taken into account. Yet while it is widely recognized that innovation is crucial to economic development and competitive selection, evidence suggests that all too little is known about fostering it.

CREATIVE DESTRUCTION, ...

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