The Potential for Innovation in Electricity

The potential for innovation in electricity is far greater than anyone imagines. I illustrate this in the short two-pager which draws heavily on an essay by Paul Romer, a former Nobel Prize winner in Economics (https://paulromer.net/economic-growth/). Adapting Mr. Romer's conclusion to fit the world of electricity: “Only a failure of imagination—the same failure that lets people think that all the big ideas have already been discovered—could convince us that with our current institutions of science [and electricity!], we have already found the best of all possible system for encouraging the production and distribution of new ideas.  There is surely room for improvement.  Improvement might increase the rate of growth by a little bit.  The benefits that follow will accumulate faster than people realize.”

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