A Toronto firm is working hard to try and make the internal combustion engine obsolete. Two years ago it purchased the rights to a new form of battery that could be plugged into an outlet for five minutes and efficiently power a car for 500 miles. EEStor of Austin, Texas previously held the rights to the promising technology.
Critics call it the modern version of alchemy, but this once again demonstrates how market needs combined with vision can lead to potential breakthroughs. People believe enough to invest time and/or effort into creations that could revolutionize the world. That is certainly noble.
However these revolutions would take place less often without the profit motive. People need to see the possibility of reward for the risks they take in money, time, and effort. Then they will invest the endless hours, sleepless nights, and life savings to make the dream real.
One can predict what will happen when the technology is finally created. Some academic will demand that rights to the invention be released and shared for the general good of the human race. It almost sounds like a joke, but you can bet it will happen. Or perhaps some environmental group will oppose it because the creating of some component threatens some obscure species,just like with the wind farms.
Regardless of these obstacles, it should be much better publicized that capitalists work the hardest to create practical solutions to environmental issues.
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