Nnovation Economics
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Innovation Economics
Author: Robert D. Atkinson
language: en
Publisher: Yale University Press
Release Date: 2012-09-04
This important book delivers a critical wake-up call: a fierce global race for innovation advantage is under way, and while other nations are making support for technology and innovation a central tenet of their economic strategies and policies, America lacks a robust innovation policy. What does this portend? Robert Atkinson and Stephen Ezell, widely respected economic thinkers, report on profound new forces that are shaping the global economy—forces that favor nations with innovation-based economies and innovation policies. Unless the United States enacts public policies to reflect this reality, Americans face the relatively lower standards of living associated with a noncompetitive national economy.The authors explore how a weak innovation economy not only contributed to the Great Recession but is delaying America's recovery from it and how innovation in the United States compares with that in other developed and developing nations. Atkinson and Ezell then lay out a detailed, pragmatic road map for America to regain its global innovation advantage by 2020, as well as maximize the global supply of innovation and promote sustainable globalization.
Commentary
Our interest in writing this article is to create a bridge between the scholarly and academic research on technological innovation and a private sector, for-profit business model that implements the ideas on innovation and entrepreneurship, primarily in metro regional economies. In this column, the organization discusses the definition of innovation economics with the goal tohighlight its significance and impact, and to reduce its muddling with inventiveness and technology development. The authors' reference the topic of innovation economics covered in a Business Week article, published earlier this fall. In the Sept. 22, 2008, edition of Business Week, Dr. Michael Mandel, chief economist of the publication, provided his definition of "innovation economics" and described why he thought it was important to America's economic future. In his article "Can America Invent Its Way Back?" he wrote about how" smart ideas can turn into jobs and growth" and keep the U.S. competitive. No, America cannot invent its way back. Why? Because invention is about smart ideas and "brainiacs," about innovation, a market event with buyers and sellers. Brilliance and gadgets may flourish, but if they cannot be sold in some form, they are not innovations. Jumbling innovation, a process that produces market value, and invention, a process that generates newand unique ideas, makes a mess of the job of pointing the way for the United States to be more competitive in the global innovation economy. Combining them, making them two faces of the same coin,obscures the features, significance and impact of the innovation economy, one that is dramatically different from the old economy. As Yogi Berra said, "you can see a lot by looking." So now let's get a clearer view of what innovation is and what it is not, how the innovation economy works, and look at some of the thinking that we need to correct before setting out to build policy for our next presidential administration.
Innovation, Economics and Evolution
Explores how changing technology can influence economic systems and vice versa. This text studies the impact of innovation on inter-firm competition at the industry level; technological progress and long run growth; and the economics of the firm as it relates to adopting innovations.