Paul Lachine

America’s Innovation by Design

Despite America's troubles in recent years, its ability to transform innovation into economic growth remains robust, suggesting that its future is bright. As other countries alike clamor to increase their share of innovation-driven economic growth, the US has already established the necessary institutions – and a solid lead.

NEW YORK – Born at the dawn of the Industrial Revolution, the United States has creativity and invention written into its DNA. By emphasizing economic freedom and individual achievement, the US has fostered a strong entrepreneurial culture. And, by marketing cutting-edge technologies, financing their development, and purchasing them, Americans consistently transform innovation into economic growth.

Indeed, despite the US economy’s troubles in recent years, its educational, marketing, and financing capabilities remain robust. As developing and advanced countries alike clamor to increase their share of innovation-driven economic growth, the US has already established the necessary institutions – and a solid lead.

Before the Industrial Revolution, global economic growth was gradual and intermittent, depending on population growth, the discovery of treasure, and unexpected technological advances. But, as traditional cost structures and production techniques yielded to mechanization and vast economies of scale, consumers gained access to a cornucopia of new (or newly affordable) goods.

To continue reading, please log in or enter your email address.

To continue reading, please log in or register now. After entering your email, you'll have access to two free articles every month. For unlimited access to Project Syndicate, subscribe now.

required

By proceeding, you are agreeing to our Terms and Conditions.

Log in

http://prosyn.org/YH8Rel4;

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated cookie policy and privacy policy.