When we cannot catch up with the speed of innovation

Innovation takes place every day; some may change our lives a lot and some may have less significant effects. However, it is almost definite that our society hardly catches up with the speed of innovation.Innovation sometimes can be simulated and accelerated by other innovation; however, regulations do not interact so well and sometimes even they can be conflicted with each other. In addition, it takes longer to make regulations than it takes to make the use of new innovation. Often once a new innovation appears, the authority hardly knows the actual impacts of this innovation until it sees how people are using it. Moreover, there are many red tapes when designing and acting regulations, this could even make the process much longer. In addition, in our society, not everyone knows how to use the new innovation, it can make some people in more advantageous places. Regulations tend to protect the benefits and interests of the majority of the population. Once regulations cannot catch up with innovation, the benefits and interests of the majority of the population will be affected or even damaged, and the wealth gap between the elite group and the rest of our society will widen further and further.

However, innovation gives more opportunities to individuals and small businesses, as they are more flexible and easier to adopt new innovations than the large institutions and companies are. In this way, the elite group under the era of innovation is very likely to be different from the traditional elite group or the wealthy group. It does not mean the traditional wealth group is not going to benefit any more, it merely means the returns they receive will be lower, and they are more likely to be overtaken by the new elite group than previous.