Tuesday, February 4, 2025

US #3 In Innovation but Could It Be More Innovative? (Economic Theory Transactions)

Innovation is the name of the game going forward in economics. Innovation comes from prior lines of technology development, past research, human capital, infrastructure, investment within the right environment. One might even go a little further and say that innovation comes down to the very micro transactions that occur between various elements that lead to problem solving matched with funding opportunities.

What does that mean?

Someone was throwing out
100 year old stamps. Found
a person to take them. 
My idea was to put them between 
glass and make a coffee
table. Wood working hobby
.
It means that innovation comes from having the right elements in the right place at the right time with the right creative person/people with entrepreneurial options (Think in part Schumpeter but more managed). All those elements can be broken down and evaluated, creates a theory, and then reconstructed in an environment.

More importantly it may be possible to recreate that environment within a cluster to increase the chances that innovation, and possibly new industries develop off of existing paradigm discoveries. Ensuring transfer from academia to industry can improve innovative opportunities.

Anyway, the good news is that the U.S. is in the top 3 of advanced nations for innovation. The bad news is that it’s not #1. It is possible to speed industry development in theory. That is a backdrop of general decline in patents worldwide. 

You can read Global Innovation Index 2024

Yes, under the right conditions with the rapid changes after Covid it is possible. The infrastructure has changed so it’s possible it now becomes more efficient and people learn to use new technology coming forward more effectively than other places. Possible anyway.

Dutta, et. al. (2024) Global Innovation Index 2024. World Intellectual Property Organization (WIPO) https://www.wipo.int/web-publications/global-innovation-index-2024/en/

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