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Article: Can Innovation Save the Economy?
- Article from:
- The Washington Post
- Article date:
- October 18, 2009
- Author:
CopyrightCopyright 2009 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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For all the discussions of "green shoots" in housing or consumer
spending over the past few months, too little attention has been
paid to a classic American economic advantage: innovation. If cash
flow is the blood of the global economy and spending and investment
are its main arteries, then innovation is the heart that does the
pumping.
Over the long term, innovation is what drives cost reduction,
higher employment, spending, health care, investment and ultimately,
better living standards. Many business owners see it as their No. 1
priority. When consulting group McKinsey asked executives in
February where the government should direct the majority of its
stimulus spending, 59 percent of ...