Did Government Invent the Internet? Scientific and Technological Progress on the Free Market

In response to concerns about a slowdown in scientific and technological advance, scholars and policymakers have highlighted the role of the state in supporting and conducting research and development. These voices call for stronger government support for innovation, along with stricter antitrust and regulatory controls on the technology sector. The free market, they say, could not have given us the internet (or computer, vaccines, atomic power, jet engines, GPS….). This view, however, confuses technological and economic innovation; misunderstands the nature of science and technology as competitive, interactive processes; confuses correlation with causality; and gets many of the case details wrong. This lecture will explore the role of the state in promoting scientific and technological advance, promoting innovative entrepreneurship, and fostering economic growth.

Dr Peter Klein is an American Austrian School economist who studies managerial and organizational issues. Klein holds the W. W. Caruth Endowed Chair and is a professor of entrepreneurship at Baylor University's Hankamer School of Business, where he is also Chair of the Department of Entrepreneurship and Corporate Innovation. Klein is Academic Director of the Baugh Center for Entrepreneurship and Free Enterprise, adjunct professor of strategy and management at the Norwegian School of Economics, and Carl Menger Research Fellow at the Mises Institute.

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