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CATEGORIES:Core Seminar in Economic and Social History
SUMMARY:The Necessity of Bubbles - William H. Janeway (Cam
 bridge)
DTSTART;TZID=Europe/London:20221013T171500
DTEND;TZID=Europe/London:20221013T183000
UID:TALK178883AThttp://talks.cam.ac.uk
URL:http://talks.cam.ac.uk/talk/index/178883
DESCRIPTION:Over some 250 years\, economic growth has been dri
 ven by successive processes of trial and error and
  error and error: upstream exercises in research a
 nd invention\, and downstream experiments in explo
 iting the new economic space opened by innovation.
   Each of these activities necessarily generates m
 uch waste along the way: dead-end research program
 s\, useless inventions\, and failed commercial ven
 tures.  In between\, the innovations that have rep
 eatedly transformed the architecture of the market
  economy\, from railroads to the internet\, have r
 equired massive investments to construct networks 
 whose value in use could not be imagined at the ou
 tset of deployment.  And so\, at each stage\, the 
 Innovation Economy depends on sources of funding t
 hat are decoupled from concern for economic return
 .  Historically we can observe two such sources: s
 tates motivated by national purposes\, defence or 
 development\; and financial speculation – bubbles.
   Bubbles are ubiquitous wherever assets are trade
 d: from tulip bulbs to cryptocurrencies.  But not 
 all bubbles are the same.  Occasionally\, the focu
 s of speculation is one of those transformational 
 technologies which\, when\, which when deployed at
  scale\, actually does create a ‘new economy’.
LOCATION:History Faculty\, Room 6
CONTACT:Martin Andersson
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