Harsha no idea

Freakonomics

Student ! Mourya Gadde

1. How does it impact citizens, states, and the world?

In today’s modern economics and values, technology that is created by the government and free market has more impact on the citizens. Entrepreneurs are the ones who create the new product, technology, or services that rises high returns and low taxes which is impacting the state and the world.

 

1. Why is this important to understand this issue now?

We need to understand this situation now because the government has no returns as of now and government subsidies and pricing is also affecting the citizens. Whereas pharmaceutical companies are also one of the reasons which are affecting the citizens because it will be difficult for citizens to use medications that can save lives and some tech companies which is affecting the government which can indirectly affect the citizens and people of the economy.

 

1. How would you solve these issues?

Firstly, I would make the government and other companies sit at one table and make them understand how this is affecting the common people. I would suggest the government would increase the value in the society when private and public sectors share value and risk then the problem is solved, both government and private sectors should understand the needs of common people so they can work together.

 

I used Grammarly for spell check.

Student 2 Prudhvi Anisai

How does it affect citizens, states, and the world?

The United States government uses taxpayer resources to finance and give loans to private sectors. This impacts the society where the value created by the government in this sector does not benefit the taxpayers. Citizens do not get better returns from government investments since most sectors spend a lot of money in high-risk, high-uncertainty, and high-capital investment phases. With an entrepreneurial government, states and the world are having problems where organizations only think about net present value and cost-benefit, and economic value as economists. Thus states will continue financing institutions, and it will never get value or enough return on the investment since the return is continuing to flow into private and shareholder's hands.

Why is this important to understand this issue now?

The government does not think that the huge investments and loans given to various agencies and private organizations have a huge impact on the citizens. Take an example of the investments made in pharmaceuticals; taxpayers pay high amounts for them to receive medication to survive. Yet over 75% of the molecular entities are financed by the National Institutes of Health. Again it is important to understand this issue since, in technology, citizens are indirectly paying to access services that rely on their data. The states should understand that these companies should pay to access citizens' data under strict conditions, not citizens paying to access their data.

How would you solve these issues?

Before the government invests in a deal, it needs to perform thorough research on the impact the deal will have on its citizens. Also, the government should understand its role before investing or fixing things on the sidelines. The government should be an active co-creator and co-shaper.

Bottom of Form

No new Idea

Student 3 Mourya Gadde

· Efficient innovation

The guests in the podcast have described how many innovations are being made but not all of them are making it to the point where they need to be and are not helpful to everyone. For example, there is a space project where people can visit space. This kind of innovation can only be helpful to a certain number of people who can afford it but not everyone. Innovations should be helpful to all people without any basis.

 

· Efficient Funding

As mentioned in the podcast, every idea should be given enough resources so that it can be turned into an innovation. That doesn’t mean investing in every idea which is raised but investing in an idea that will be helpful to society and improve the economy. The government should increase its margin for research so that everyone can work on their ideas to change the world.

 

· Creating connections

It is important to make sure that we have connections, whether they are connections that we already have or making new or unexpected connections that can be helpful for innovation. These kinds of connections will be helpful to improve and organize teams as well as branches within businesses to enhance productivity.

 

· Finding new perspectives

We can think in a certain manner where other people might agree with it or not, and people can think too much about it. To understand the business, we must first understand the distinguishing capabilities of the individual, which may differ depending on their age, cultural background, or life experiences.

I used Grammarly for spelling check.

Student 4 Steven Darragh

From the Freakonomics podcast episode, No New Ideas and through what we have learned throughout this semester, my recommendations to increase the generation of ideas are as follows:

· Transforming Day-to-Day Activities: We spend most days going about our routines and our thoughts for innovation may be on what can take us away from a mundane routine. However, the best ideas for innovation may be to find the flaws in our current routine and to see what can be improved upon. We all spend a lot of time thinking about what issues a mundane task brings, but we rarely put that same amount of energy into solving the issue. Additionally, one small improvement to a task may bring a waterfall of ideas and lead to a bigger idea that even more people may be positively affected by.

· Removing Barriers: As stated in the podcast, a “rich kid” is much more likely to invent and become an inventor. This same rich kid may be ranked a bit higher academically than the “poor kid” but not to the drastic extent that their odds of becoming an inventor would suggest. To allow for more ideas, there should be more innovators, and this can be done by removing barriers that people such as the poor kid in this example face. These barriers could be better resolved by policy changes, better accessibility to impoverished kids to receive grants, and by schools leading by example and teaching that everyone can create something new.

· Complementary Innovation: An innovation does not need to be a unique item that is new and groundbreaking on its own. By thinking that the next “big thing” could be a complementary innovation, people may be willing and able to generate even more ideas. If you see a product that you enjoy, what could you create that would make it even better? We have learned of many complementary ideas, and some of your current favorite products may be just that, an example could be regarding the video game industry and the games you play.

· Professional Ignorance / Be an Outsider: Throughout the semester, we have heard many innovators talk about the fact that they tried to bring attention to the next big idea of an industry, and when the industry said no, they created it themselves. By being an outsider to the industry and following your hobby, you remove some of the barriers that industry leaders face. An idea may not be logical to someone in the field who may be reluctant to change or too invested to see the potential of a change in the organization’s structure. To generate new ideas, think about your favorite hobby outside of work and think about a problem that you face during it that has no viable solution that you are aware of. By having the care of an industry without the inside knowledge, you can create something new and make an impact that may spawn a whole new perspective for customers.