Discovery Procedure in Wireless Technology
By Arnold Kling
While Japan and Korea will retain their lead for some time, the US is poised to surpass Europe in network speeds, bandwidth consumption and, more important, network variety…
Remember when the US was criticized by Europe for its chaotic mix of wireless technologies? Ironically, this chaos appears to be doing more good than harm as it creates a more dynamic technology horse race.
Ironically, students of Hayek are not surprised when central planning does worse than competition as a discovery procedure. Government can choose an advanced technology successfully. But this effectively freezes technology, creating disadvantages when the next generation comes along. See Minitel.
For Discussion. How are Hayek and Schumpeter more tolerant of imperfect markets than classical textbook microeconomics?