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Matt Ridley: "How Innovation Works: And Why it Flourishes in Freedom"

As part of the Baugh Center Free Enterprise Forum, guest speaker Matt Ridley spoke on the topic of innovation. Holding B.A. and D.Phil degrees from Oxford University, Ridley worked for the Economist for nine years as science editor, Washington correspondent, and American editor, before becoming a self-employed writer and businessman. His books have sold over a million copies, been translated into 31 languages, and won several awards. They include The Red Queen, The Origins of Virtue, Genome, Nature via Nurture, Francis Crick, The Rational Optimist, The Evolution of Everything, and How Innovation Works, his newest book which he will discuss with us at Baylor. He writes a weekly column in The Times (London) and writes regularly for the Wall Street Journal. As Viscount Ridley, he was elected to the House of Lords in February 2013. Ridley won the Hayek Prize in 2011, the Julian Simon award in 2012, and the Free Enterprise Award from the Institute of Economic Affairs in 2014. He is a fellow of the Royal Society of Literature and of the Academy of Medical Sciences, and a foreign honorary member of the American Academy of Arts and Sciences. In How Innovation Works, Ridley argues that we need to change the way we think about innovation, to see it as an incremental, bottom-up, fortuitous process that happens to society as a direct result of the human habit of exchange, rather than an orderly, top-down process developing according to a plan. Innovation is crucially different from invention, because it is the turning of inventions into things of practical and affordable use to people. It speeds up in some sectors and slows down in others. It is always a collective, collaborative phenomenon, not a matter of lonely genius. It is gradual, serendipitous, recombinant, inexorable, contagious, experimental and unpredictable. It happens mainly in just a few parts of the world at any one time. It still cannot be modelled properly by economists, but it can easily be discouraged by politicians. Far from there being too much innovation, we may be on the brink of an innovation famine.