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SUMMARY:The Necessity of Bubbles - William H. Janeway (Cambridge)
DTSTART:20221013T161500Z
DTEND:20221013T173000Z
UID:TALK178883@talks.cam.ac.uk
CONTACT:Martin Andersson
DESCRIPTION:Over some 250 years\, economic growth has been driven by succe
 ssive 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 necessa
 rily generates much waste along the way: dead-end research programs\, usel
 ess inventions\, and failed commercial ventures.  In between\, the innovat
 ions that have repeatedly transformed the architecture of the market econo
 my\, from railroads to the internet\, have required massive investments to
  construct networks whose value in use could not be imagined at the outset
  of deployment.  And so\, at each stage\, the Innovation Economy depends o
 n sources of funding that are decoupled from concern for economic return. 
  Historically we can observe two such sources: states motivated by nationa
 l purposes\, defence or development\; and financial speculation – bubble
 s.  Bubbles are ubiquitous wherever assets are traded: from tulip bulbs to
  cryptocurrencies.  But not all bubbles are the same.  Occasionally\, the 
 focus of speculation is one of those transformational technologies which\,
  when\, which when deployed at scale\, actually does create a ‘new econo
 my’.
LOCATION:History Faculty\, Room 6
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