Innovation goes right back to the founding of the American Republic. Inland canals, cotton gin, steam railroad, repeating firearms, telegraph, mechanical reapers, telephone, electric light, motion pictures, motor vehicles, aircraft, radio, washing machines, refrigerators, air conditioning, radar, 33 rpm records, automatic transmission, microwave ovens, CD players, personal computers, cell phones.
Each of these products caught on, sold like crazy, and created industries, employed people, and made money. Every since the industrial revolution, a small portion of the population has been able to create all the food, clothing, housing and services that the country can consume. It takes an innovation to keep everyone busy. After a while, everyone has the innovation, and sales slack off. In the past, we took up the slack by yet more innovation, another new product that catches on, sells like crazy and keeps the economy moving.
What's the next big thing?
And what can we do to keep the flow of innovation coming?