This new edition of a book which was the forerunner of much modern writing about economic innovation, also contains a detailed case study of the antibiotic revolution, the 'domestication' of bacteria, a change which ranks in importance with the move from hunter-gathering to settled agriculture 10,000 years ago. This new Chapter deals with the contrasting personalities of the 'inventor,' Alexander Fleming, the 'innovator,' Howard Florey, and the 'academic researcher,' Selman Waksman; the institutional arrangements which hindered and helped the development of penicillin and streptomycin; and how luck plays such an important role in all human effort that is made under conditions of uncertainty rather than risk.
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William Kingston has taught Innovation in Trinity College, Dublin, for more than 30 years. His work on the financing of new busnesses, published by the British Government Cabinet Office think-tank, led directly to tax relief for tax relief for equity investment to achieve this. He has been actively involved in technological innovation throughout his career, with numerous patents in his own right in the U.S. and other countries.
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