There are many problems in this world for which we do not have a proper solution. Climate change is a good example of such a problem looking for a solution or, more accurately, a solution that could be easily implemented. If the market economy functions well, the recognition of problems by entrepreneurs will eventually generate a flurry of entrepreneurial activity that gives us the solutions.
Yet, in a world enthralled by new technology, we are often given what is best described as a solution looking for a problem — a new technology that excites people’s collective imagination with its perceived future potential without much real-word use today. For many, bitcoin is a perfect example of such a technology. Despite the hype, bitcoin does not solve any pressing problem today, albeit it may well become critical infrastructure in the future.
And then, there is a third category that is equally important to technological development: solutions that create more problems. Male hair loss products are a perfect example of this category. The problem of male hair loss is created just as much by the industry of hair loss products than by the fact that men naturally start losing their bodily hair as they grow older. Instead of wasting resources and human creativity on hair loss products, we could just accept that, well, men lose their bodily hair as they grow older.
