The Organization of Innovation- The History of an Obsession

A technological plateau: The pace of technological innovation today is slower than between 1920 and 1960. In this Essay, the evolution of fundamental research since 1920 is examined, with particular emphasis on how fundamental research was carried out in industrial settings, and the effect of national funding agencies on creating marketlike competition in research. This competition was meant to accelerate the speed of innovation and, as a consequence, produce higher economic growth. However, neither of these expectations were met.