Question

Here is the book that we are using in class: the elusive quest for growth william easterly

2. British historian Eric Hobsbawm (1917-2012) once wrote: "It is often assumed that an economy of private enterprise has an automatic bias toward innovation, but this is not so. It has a bias only toward profit." Discuss the meaning of this quotation in the light of what we have learned about technological innovation. For a complete answer, use class models, concepts, ideas, graphs, readings, etc.