For our discussion today, I found this pdf doc. on a plan to implement innovation in the American economy, "our future economic growth and international competitiveness depends on our capacity to innovate." This paper is pretty long, but the summary is in the first few pages. Basically is the administration, american people, and businesses can work together to work towards future full of innovative ideas, it can lead to jobs and economic prosperity. I know we have talked a lot about it in class, but I just thought this was an interesting find. What do you all think? Obviously innovation is a great thing, but is our economy ready for it now?
Innovation and stuff...
I think this article helps to answer the question that Hannah proposed in class of, how can we get to full employment. I think on page 5 of the presentation has some of the better points, talking about a green economy and the potential that it has.
ReplyDeleteWhile the beginning sums the importance of innovation in America and interprets America as an innovative powerhouse, the rest for me was stating how we do it. Like Mark said, a lot of these points can contribute to full employment. For example, increased access to capital for new businesses. Another more valuable important point in my opinion, creating a first class system of early education. And yes, I absolutely think our economy can be ready for this now. I think it would be an attribute to creating a healthier economy.
ReplyDeleteNo one can make an innovation happen. All you can do is provide a conducive environment for it to grow. This is something that America has in large part do to its patent laws. People seek to create the next great new idea, because they will be rewarded substantially by doing so. This is why taxes on the rich does scare me a bit in that regard because at what point will innovators chose to gain their patents elsewhere? Besides that, I thought the stat we saw in class about it taking $100 million to get a good idea off the ground was eye opening.
ReplyDeleteInnovation will always be around. People all around the world are always going to try new things in order to better the environment. Of course nothing is cheap these days. Innovation comes at a costly price. But if its going to benefit the majority of the population, then it has some upside. As of right now, I think the U.S. economy is not stable enough to handle a big innovation product. But then again, America is known for spending money they don't have.
ReplyDeleteI think innovation would be a better driving factor to to sustain a healthy economy rather than a tool to get out of the recession. Also it depends on what kind of innovation and it's magnitude. scylla
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