March EPERN Seminar: Marta Podemska-Mikluch on Forgone Innovation
Our next virtual seminar will take place on Tuesday, March 16, at the usual time: 2:30 - 3:50 p.m. E.T. This time, I'll put on a presenter hat and share my project: Forgone and Superfluous Innovation:
Humans have a propensity to systematically solve complex problems. This propensity manifests through omnipresent innovation. Innovation is typically associated with market processes. However, regulatory changes can be equally creative as their market counterparts. Both can be used to advance wellbeing and solve complex problems. Yet, they differ in a number of ways. In particular, novel market ideas do not suppress discovery of alternative solutions. Entrepreneurial experimentation continues even after a particular idea has been adopted and the problem has been successfully mitigated. In contrast, when regulatory changes are put in place, discovery of alternative solutions is suppressed, resulting in what Kirzner described as stifled innovation. The recently developed framework of Creative Dynamics, the related Theory of Adjacent Possible, and the insights of Entangled Political Economy can be used to build on Kirzner’s original argument. While we might walk away from Kirzner thinking that maybe regulations prevent creation of otherwise valuable innovation, these novel evolutionary approaches add much confidence to this concern.
Marta Podemska-Mikluch is Marcia Page and John Huepenbecker Endowed Professor of Entrepreneurship and Associate Professor in Economics and Public Health. Using the analytical approach of Entangled Political Economy, Podemska-Mikluch's research analyzes the role entrepreneurship plays at the intersection of divergent institutional settings. Podemska-Mikluch’s applied work explores regulatory obstacles to entrepreneurial experimentation in the health care industry. More information can be found here.
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