In the fast-changing world of science and technology, if you’re not innovating, you’re falling behind. That’s one of the key findings of The Reuters 100: The World’s Most Innovative Universities. Now in its second year, the list ranks the educational institutions doing the most to advance science, invent new technologies and help drive the global economy.
Productivity growth, the key to rising living standards, has slowed across rich economies for a decade. And the American economy is no exception, with the annual growth rate averaging just 0.7% over the past five years vs. 2.3% in the postwar era. The difference in those rates is the difference in living standards doubling every century rather than every generation or so.
As the US continues to emerge from the Great Recession, there is an urgent need to look beyond Silicon Valley and support high-tech -- or “advanced” -- industries across the country in order to boost sluggish economic growth and reduce economic inequality, according to Mark Muro, a senior fellow at Brookings who directs the Metropolitan Policy Program, which conducted the study.
“There’s a home-field advantage,” said Arthur Dong, a professor at Georgetown’s McDonough School of Business. “Whether it’s state function of government policy or a less formal policy, foreign companies are at a great disadvantage.” That’s in line with Beijing’s desire to cultivate so-called national champions, large domestic companies hoped to one day become China’s most recognizable multi-national brands.
The United States, Singapore, Finland, the Netherlands, Sweden, Switzerland and Israel were among the top countries when it comes to adopting and adapting to new technologies, according to the Global Information Technology Report 2016 from the World Economic Forum. The Global Information Technology Report measures countries' success in “creating the conditions necessary for a transition to a digitalized economy and society,” according to WEF.
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.
While there are certainly differences between the heavy equipment and manufacturing industries, there are similarities between the natures of the skills gap affecting their workforces. These connections between the experiences provide a broader context for the challenges facing businesses due to the shortage of technical workers.
The middle class is no longer the majority in America, according to a new Pew Research Center report on incomes and wealth in the U.S. WSJ's Janet Adamy reports on the implications.
WIPO's third World Intellectual Property Report, "Breakthrough Innovation and Economic Growth" explores the role of intellectual property at the nexus of innovation and economic growth, focusing on the impact of breakthrough innovations. Download report here.
Extraordinary technological breakthroughs over the last 300 years have touched almost every aspect of human activity and transformed the world’s economies. The 2015 report shows how three historical breakthrough innovations – airplanes, antibiotics and semiconductors – fueled new business activity. It examines three current technologies with breakthrough potential: 3D printing, nanotechnology and robotics. And it considers the future outlook for innovation-driven growth.