Innovation and Its Enemies

Throughout history, innovation has been the source of virtually all prosperity. So why has it so often been opposed?

by Matt Ridley
August 12, 2016

On Monday (8/08), British Prime Minister Theresa May announced what is being called the "Frackpot" – to redirect some of the future profits of shale gas production to households, rather than councils.

[NOTE: in the UK and most countries, unlike the US, the government owns the mineral rights under a landowner’s land. Note also that – surprise – British environmentalists are denouncing May’s policy as a “bribe.” – RDM]

This is eminently sensible. It gives local people a stake in the new technology; it recognizes that innovation will be accepted in society when its social effects are beneficial; and it reflects May’s philosophy that all of society should share in growth.

After leaving the European Union, Britain will have to be quicker to adopt new technologies, the better to create wealth in the knowledge economy. For me that’s the biggest opportunity of Brexit.

But to grasp it we must find a way to persuade people to be more ready to embrace innovation and less…