Why innovation prizes fail
History’s most famous innovation prize—the longitude rewards—is misunderstood. Innovation prizes are best at promoting refinements, not revolutions.
Anton Howes is an economic historian. He is the author of Arts and Minds: How the Royal Society of Arts Changed a Nation, available here.
History’s most famous innovation prize—the longitude rewards—is misunderstood. Innovation prizes are best at promoting refinements, not revolutions.
Throughout history, states struggled to maintain power, having to rely on private agents and enforcers to fund themselves and govern their citizens.