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The rapid advancement of technology has undeniably transformed our lives. However, a question arises: is the pace of innovation slowing down? Could the law of diminishing returns, suggesting that additional effort yields smaller gains, be applicable to technology?

As we strive for progress and advancement, it’s essential to understand how this principle influences our journey toward breakthrough technologies

In this blog article, we explore the intricacies of technology innovation and unravel the implications of the law of diminishing returns on our quest for innovation and growth.

Understanding the law of diminishing returns

The law of diminishing returns, a fundamental concept in economics and other disciplines, posits that as more resources are allocated to a particular activity or process, the incremental benefits derived from each additional unit of input diminish over time.

Initially proposed in the context of agricultural production by economists such as David Ricardo and Thomas Malthus, this principle has since found applicability across diverse domains, including technology and innovation.

The role of the law of diminishing returns in technology innovation

The chequered history of science and applied science (technology) seems to have actually started with a bang, some 300 or 400 years ago, but has now abysmally ended in a whimper – with its ‘cognitive’ foundations becoming ever more shaky and as rickety as a wooden chair.

So, it’s important to look back at how humans discovered, invented, and innovated over time. This means understanding how we shifted from asking ‘why’ things happen to focusing on ‘how.’ This change has made us more interested in knowing a lot about a few things rather than knowing a little about many things.

But, what was really the cognitive or cognitive goal of the ancient knowledge-seekers? In this answer or response lies the chief distinction between knowledge for enlightenment and knowledge for effective demand (in economic parlance). It is the relentless and desperate pursuit of the latter that ultimately led to the naïve and concocted understanding of the Cosmos, merely in terms of the workings of a mundane or monotonous mechanical device such as the clock.

But, then, does the Cosmos or planet Earth actually function as a clock? In other words, is it really possible to capture the imagination, depth, and magnitude of the Cosmos within a set of laws, based on superfluous assumptions? Or, to take it even further, does the human mind really have what it takes to unravel the mysteries of the Universe? – Let alone confiscating, commanding, and controlling it.

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An interesting and queer revelation of the progression of science and technology has been that the more rational and civilised a society becomes, the more irrational (violent) and uncivilised (brutal) has been its attitude and behavior. For example, let us consider the case of the twentieth century: besides, the two world wars, extreme poverty, human misery, and gross injustice have been both unparalleled and unrivaled in the annals of human history.

Another very strange thing about the much-touted scientific revolution is its snobbish ridiculing of native, ethnic, and vernacular wisdom, thereby making a complete mockery of its own obsession with seeking the ultimate truth. It is this dominance and/or a monopoly of modern science over all other forms of seeking wisdom that has resulted in pseudo-science, making the whole scientific establishment or enterprise devoid of any credibility – a mere ideology in outlook, that is unequivocal as prose and evocative as poetry, pre-emptive of metaphor, and studded and punctuated with euphemisms.

Another very thought-provoking example is in the field of agriculture. In agriculture, the shift towards mechanisation and industrialisation has led to widespread factory farming. The heavy reliance on artificial inputs like fertilizers, pesticides, GMOs, and irrigation has created a harmful cycle where output decreases relative to input. This reflects a broader trend away from the ancient curiosity to understand the ‘why’ of things, towards a narrow focus on the ‘how,’ diminishing the purpose of cognition to know less about more.

Conclusion

In conclusion, the intersection of technological innovation and the law of diminishing returns presents a multifaceted challenge and opportunity for humanity. 

We need to rethink how to bring about technology innovation for a better world. Instead of falling into the trap of diminishing returns, we should aim for a comprehensive understanding that acknowledges the complexity of our world. 

Let’s encourage a scientific dialogue that’s open-minded, humble, and always curious, focusing not only on ‘how’ things work but also on ‘why.’ This approach will allow us to navigate the complexities of progress and innovation while avoiding the dangers of arrogance and ignorance.

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