Winning in the New Innovation-Based Global Economy: Is Boosting the Supply Side Enough?
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This document summarizes key points from a presentation on boosting innovation to drive economic growth. It discusses how new technology transformations have powered economic growth cycles. While some argue the supply side is enough, the document advocates boosting both supply of innovation factors and demand from companies. A comprehensive strategy is needed to incentivize investment in US innovation, fight foreign protectionism, and not ignore demand-side factors like research funding and skills.
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Winning in the New Innovation-Based Global Economy: Is Boosting the Supply Side Enough?
- 1. Winning in the New Innovation-Based Global Economy: Is Boosting the Supply Side Enough? Presentation at the 2006 Accelerating Innovation Conference Washington, DC Dr. Robert Atkinson President Information Technology and Innovation Foundation
- 3. Waves of Innovation Drive Cycles of Growth & Change Robert D. Atkinson The Past and Future of America’s Economy: Long Waves of Innovation that Power Cycles of Growth (Northampton, MA: Edward Elgar, 2005)
- 4. Technology Transformations and Growth 1945-58 59-74 74-93 94-2000 2001-?- ?? Time Old Technology System New Technology System Takeoff Installation Slowdown Takeoff Installation Slowdown
- 6. Transformations Drive Growth Annual Change in Labor Productivity Growth
- 7. IT is the Major Engine of Growth Today Sources of Total Factor Productivity Growth Source: Jorgenson, Information Technology and the American Growth Resurgence
- 8. Transformations Also Drive Regional Restructuring
- 9. R&D Performed Overseas by Majority-Owned Foreign Affiliates of U.S. Companies (in $millions) *2000 **2001; Source: U.S. Bureau of Economic Analysis
- 10. Industry R&D as a Share of GDP
- 11. Change in R&D/GDP Ratio, 1991-2003 Source: OECD
- 12. U.S. Trade Balance in High-Tech Products Source: U.S. Census Bureau Foreign Trade Statistics, U.S. International Trade in Goods and Services.
- 13. Chinese Trade by Technological Intensity Source: Andrew Wyckoff, OECD.
- 14. Why Does Innovation and Competitiveness Matter? Economic growth comes from either boosting productivity in all sectors or shifting to higher-value added sectors. In the twenty-first-century global economy, nations can no longer be indifferent to the industrial and value added mix of their economy.
- 15. Which Future For America?
- 19. So, What Should We Do? Boost the Supply of Innovation Production Factors (e.g., scientists, basic research) Boost the demand from companies for innovating in the United States. We Need to Act Now
- 23. U.S. Rank in R&D Tax Credit Generosity Has Fallen Significantly