By Shahab Sabahi
Energy and Environment - Policy analysis research group
How do human beings advance? What are the driving forces behind innovations? Where do opportunities and progress come from? Have they been around and waiting for someone to seize them?
Schumpeter’s theory of economic development describes knowledgee stock, technology, and innovation are the key forces which propeller economies and fuel growth. It reformulates the classical model of economic growth.
But what generates knowledge!!!
The knowledge stock is built up by experience and lessons learnt. It then causes technology innovation and generates opportunities for the next generation. We know the technology opportunity set is endogenously created by time and money investments in new knowledge and unfortunately sometime with loss in life.
Inevitably the Fukushima nuclear catastrophe was by far the worst tragedy in our recent history after the WWII. However it is not fair to mark it as the failure of the nuclear safety regulations and disregard what this technology has given away to our societies. We should bear in mind; it was operated based on the best engineering practice and knowledge which had been available until the March 11th 2011 tsunami.
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