The Idea Factory and Bell Labs
Just finished the Idea Factory, which follows the rise and fall of Bell Labs. One concept I'm left with—Markets are excellent at optimizing existing technology for consumer desires. However, they are poor at producing impactful, world-changing technology like the semiconductor.
Not something I entirely agree with. Certainly SpaceX's reusable rockets are world-changing tech?
On the other hand, the internet might be better off if companies such as Facebook and Twitter focused on open APIs and data portability instead of walled gardens.
There's just no incentive to do so.