Re:Why no Roman industrial revolution?
by jsolson on Saturday August 27, 2022 @03:33PM
(#32622324)
> Without demand, there is no supply.
An economics professor of mine put it as "markets are created by demand, not supply." That was nearly 20 years ago, but it's really stuck with me.
As the linked article notes, the precursors for technological innovations were present in many places, but many of those places lacked one or more components of demand flow to finance the required innovation. Only after demand for industrial innovation is present do gaps in the supply chain come into play.
Re:Why no Roman industrial revolution?
by skybrian on Saturday August 27, 2022 @03:56PM
(#32622566)
Seems like a false dichotomy? It's of course both. Product-market fit is essential, but also, someone has to do the work, and supply constraints are important.
An economics professor of mine put it as "markets are created by demand, not supply." That was nearly 20 years ago, but it's really stuck with me.
As the linked article notes, the precursors for technological innovations were present in many places, but many of those places lacked one or more components of demand flow to finance the required innovation. Only after demand for industrial innovation is present do gaps in the supply chain come into play.