Most policies that seek to increase innovation in the United States are focused on getting as much out of current innovators as possible. But because the first seeds of new innovation sprout in many different ways perhaps policymakers should instead be focused on creating more innovators. New research shows that the key to increasing the ranks of innovators may reside in the childhoods of potential innovators.
The move will help bring China's calculations for the value of its goods and services more in line with global standards set by the United Nations and other world organizations, amid widespread investor skepticism about the accuracy of the country's official data. The new method has increased the value of GDP but has only slightly affected annual growth rates, the National Bureau of Statistics (NBS) said on its website.
...it’s no secret that women who work in STEM fields face significant challenges and are severely under-represented, particularly in senior leadership roles. This lack of representation will have negative repercussions for the industry's long-term growth. Research shows that diversity leads to increased innovation and group performance, which are crucial to the success of STEM industries, whether they are creating life-saving medical devices or finding new ways to harness renewable energy.
Legislators in a handful of oil-rich states are struggling to do the seemingly impossible as the 2016 fiscal year draws to a close this week: balancing their budgets, as required by law, despite massive declines in revenues due to falling oil prices.
The Bureau of Labor Statistics recently reported that the country’s productivity declined at an annualized rate of 1 percent in the first quarter of the year, further prolonging an eight-year rut that already counts as the worst we have experienced since the government started measuring productivity in 1947. Our productivity growth in this period has averaged little more than 1 percent per year. No wonder wages have hardly budged.
Today the California Employment Development Department (EDD) released job estimates for May 2016. Latest figures released by the Bureau of Labor Statistics and California Employment Development Department show national job growth at its lowest level since 2010, though the state and region continue to grow at a reasonable pace, with Bay Area growth continuing to outpace the nation and state by a significant margin. The disappointing national figures for May led policymakers at the Federal Reserve to signal a pause in plans to raise interest rates.
We are seeing continued progress in technological innovation, yet anemic productivity growth. A big reason is that public and private investment have fallen in the last decade. It’s time for serious pro-investment policies.
So why have we not seen the strong productivity growth we need? As explained in the recent ITIF e-book Think Like an Enterprise: Why Nations Need Comprehensive Productivity Strategies, there is solid research suggesting that the slowdown is not a cyclical phenomenon, nor is it because we are measuring output incorrectly.
Now researchers, politicians and business leaders are coming forward with strategies to accelerate job gains and investment in manufacturing. Their ideas range from pruning regulations that raise the cost and effort of running a manufacturing operation to imposing a value-added tax on imports to beefing up training programs so companies have an easier time finding skilled workers. Reviving the manufacturing sector won’t be easy -- but, these advocates argue, it’s crucial.
According to a new study by the Pew Research Center, men and women between the ages of 18 and 34 are now more likely to be living with their parents than living on their own or in any other living situation [such as sharing an apartment]. This is the first time in American history that young people -- 32.1 percent of millennials -- have been most likely to live with their parents.