Source: Brookings Institution
Author: Darrell M. West
Innovation 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, fuelled innovation, and propelled the U.S. to leadership in a number of different fields.
In this paper, I focus on ways technology enables innovation and creates economic prosperity. I review the range of new advances in education, health care, and communications, and make 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.
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