Incentives and Innovation
Paul Romer and Russ Roberts discuss the role of incentives in promoting innovation, particularly in the absence of strong property rights. They explore the various motivations for discovery, including secrecy, reputation, and curiosity. While subsidies can potentially boost discovery rates, caution is needed to avoid bureaucratic structures that hinder progress. The conversation also touches on the importance of non-market incentives and the limitations of university research grants in certain fields.In this clip
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