Today’s Innovation Must Be Accessed, Harnessed For The Economic Social Benefit Of All

By Dr. Brooks Robinson \BlackEconomics.org website. Photos: YouTube There is considerable evidence that innovation can provide great opportunities for economic expansion.[1] Of course, it is prudent to perform full “benefit-cost” analyses of innovation, which would encompass consideration of “secondary” impacts—i.e., accounting for positive and negative spillovers in affected industries. And beyond economic effects, there is the question of how innovation affects social welfare broadly. As an example, consider the Internet as an innovation. It is difficult to assess the total “positive” impact of the Internet on economic expansion. Note that Internet use was amplified significantly by the 2020-21 COVID-19 Pandemic. However, from the outset, it was transparent that use of the Internet involved more than just gaining access to an electronic devise and “connectivity;” operational software and security software were key requirements. Unquestionably, the full breadth and scope of Internet uses is yet to be determined, and the ways that one can be injured while using the Internet, too, has not been determined fully. However, global cybercrime costs amount to $8 trillion in 2023.[2]In addition, it is estimated that at least $1.75 trillion is to be spent globally on cybersecurity equipment and services during 2021 – 2025.[3] The point is...