Embracing a Culture of Permissionless Innovation
Permissionless innovation can help spur the next great industrial revolution by unlocking amazing opportunities in these and other arenas, boosting long-term growth in the process.
“Why does economic growth… occur in some societies and not in others?” asked Joel Mokyr in his 1990 book, Lever of Riches: Technological Creativity and Economic Progress.1 Debate has raged among generations of economists, historians, and business theorists about that question and the specific forces and policies that prompt long-term growth.
As varied as their answers have been, there was at least general agreement that institutional factors mattered most—it was really just a question of what mix of them would fuel the most growth. Those institutional factors include: government stability, the enforceability of contracts and property rights, tax and fiscal policies, trade policies, regulatory policies, labor costs, educational policies, research and development expenditures, infrastructure, demographics, and environmental factors.2