How Ideas becomes Inventions, Why Innovative Objects cause Economic Growth
The Economics of Ideas
The Economics of Ideas requires (a) a rigorous definition of innovation that sifts ideas through a funnel from which objects emerge that have (b) an economic path to GDP - within a National Accounting framework - that arises from a purposeful origin. This should constitute Growth Economics. But the attitude is 'We've done the right things for a long time' ... 'So think like us'. 'Think like us' includes the macroeconomic conjecture 'Total Factor Productivity', when evidence shows that multiple tweaks cannot rescue it from its dead end. 'The Economics of Ideas' must start from genuinely new thinking. That thinking lies in tacit knowledge, unknown to those who do not practice from it. It is hidden from campus view by commercial rules of non-disclosure and is not under academic freedoms that publish and teach. Its potency is uniquely strong, it is fueled by data on many actualities that are not otherwise available to outsiders. The application of Economic orthodoxy did not work on this actual data. However Physics, applied to the rich and episodic contributions of innovation professionals on such data since 1970, did work. It works spectacularly well. Growth obeys four previously undiscovered scientific laws whose very simple algebra has been hiding in plain sight for decades. These game changers became public from Innovation in Economics: Missing Pieces (2018), a volume subjected to Academic Q&A Move across from the '8-steps' tab (above) to the '4-Laws' tab (above), to master The Science behind the Economics of Ideas