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Behavioral Economics and Change
What aspects of Behavioral Economics and Neuro-Economics apply to tolerance of ambiguity and willingness to change?
76 months ago
1 answer
As far as Behavioral Economics and Neuro-Economics apply to tolerance of ambiguity and willingness to change, I would turn your very current and important question around to best answer your question. In my view, the pace of technology is being held back by the lack of a sufficiently well-trained infrastructure that is flexible enough to advance to the rapid Schupetarian type of “Creative Destruction”. The public is constantly reacting to the S & T media announcements that may be paralyzing many an otherwise startup entrepreneur, since the lead time needed to secure a sufficient level of confidence, appears shorter than the most optimistic payback period for setting up a new product line or service.
Under these circumstances, the initiation of new projects must be forcing the smaller and middle-sized firms to turn to Venture Capitalists, who may find that the type of projects that they would risk their investments 5 and 10 years ago to have now become too risky to pursue.
Thus, it would appear that such high-risk and uncertain innovations’ funding may default to government subsidized support. Thus, there is obviously a Global Race on now for the U.S. to try and maintain its traditional lead while China, Japan, India, Russia, South Korea and others are taking greater investment risks in S & T with the goal in mind of knocking the U.S. out of its lead. The U.S. lead is now seriously questioned as American entrepreneurs avoid taking on greater financial risks.
76 months ago
