The PhD system is the real root of the evil of academic snobbery. People who have PhDs consider themselves a priesthood, and inventors generally don't have PhDs. ↗
In other words, what is supposedly found is an invention whose inventor is unaware of his act of invention, who considers it as something that exists independently of him; the invention then becomes the basis of his world view and actions. ↗
I maintain that many an inventor, many a diplomat, many a financier is a sounder philosopher than all those who practice the dull craft of experimental psychology. ↗
It's as great a part of the human adventure to invent things as to understand them. John Randall wasn't a great scientist, but he was a great inventor. There's been lots more like him, and it's a shame they don't get Nobel Prizes. ↗
Less emphasis on inventories, I think, may tend to dampen business cycles, because business cycles are typically in the grasp of inventory cycles and heavy industry cycles. ↗