Quote (ofthevoid @ Apr 2 2019 08:09am)
Not a cogent argument.
We have one of the largest wealth gaps in the world yet we are the leader in innovation in an overwhelming amount of industries. That's not to say wealth inequality is a good thing, but your argument is trash.
Doesn't mean it can't be better.
Innovation is going to be a function of several things, one of which is previously acquired wealth. We've had a big leg up on that one, mostly due to all the other industrialized countries destroying themselves twice in a row during our grandparents time.
As our income inequality rises though we're falling behind in several very important fields, like how we're getting totally shitfucked by China in renewable technology. Coincidentally this is occuring as their income inequality has been falling dramatically (hint: their populace actually has the money to buy the innovated products now)
It doesn't matter how much money the top earners in a country have. If 99% of the population doesn't have the money to spend, and therefore make those innovations worth spending research dollars on, then innovation won't happen.
Also, like Ink said, a huge portion of the most expensive and least-profitable parts of research are covered by publicly funded research grants and university scientists. At my undergrad one of my professors sold a carbonic anhydrase inhibitor patent to a pharmaceutical company for ~50k, and they were able to take it to market very quickly and make a ton of money