Technology, Innovation and the Path to Economic Prosperity

According to a survey, people understand that innovation has been key to past prosperity and is vital moving forward. But, fears differ about current innovation training and what is necessary for future innovation.

Innovation_Light_Bulb_ReversedInnovation and entrepreneurship are crucial for long-term economic development. Over the years, America’s well-being has been furthered by science and technology. Fears set off by the Soviet Union’s 1957 launch of its Sputnik satellite initiated a wave of U.S. investment in science, engineering, aerospace, and technology. Both public and private sector investment created jobs, built industries, fueled innovation, and propelled the U.S. to leadership in a number of different fields.

In this paper, focus is placed on the ways technology enables innovation and creates economic prosperity. The author reviews the range of new advances in education, health care, and communications, and makes policy recommendations designed to encourage an innovation economy. By adopting policies such as a permanent research and development tax credit, more effective university knowledge commercialization, improving STEM worker training, reasonable immigration reform, and regional economic clusters, we can build an innovation economy and sustain our long-term prosperity.

Click here to read the complete Executive Summary.
Click here to read the complete paper.

Source: Darrell M. West | The Brooking Institution