Solow argued that economic theory had to better understand how to describe technological change.3 Practising what they preached, they explored what forces drive technological change. But where does innovation come from? Is it lone entrepreneurs working in their garages, genius scientists having a eureka moment in the laboratory, heroic small businesses and venture capitalists struggling against the commercial odds? No, they concluded that inventions are overwhelmingly the fruits of long-term investments that build on each other over years.
