Virtually all the scholarly economic research on the question of jobs and productivity finds that higher productivity does not lead to fewer jobs. Higher productivity makes products or services cheaper and consumers then are able to use those savings to buy other goods and services, helping create jobs. In many cases the cause of stagnant growth is too little, not too much, technology and automation, which makes industries less competitive in global markets, leading to job loss, less spending and investment, and a vicious cycle of stagnation.
Legislation to Revitalize American Manufacturing on Congress’s Docket this Fall
While two new pieces of legislation deserve Congress’s full and bipartisan support to revitalize American manufacturing, they will also need to be complemented by a serious reauthorization of the America COMPETES Act.
No More Railing Against iPhones
It makes no sense to rail against iPhones. Instead we should focus our efforts on developing the game changing, next generation energy innovations that will allow clean energy to cost less and perform better than fossil fuels. And let’s be clear, to do that Information Communications Technology must be a major component of our innovation strategy. Advocates and policymakers must accept this reality if we are to fix the climate challenges we face.
Scientific Researchers at Asian Universities Attracting More Industry Funding than American Counterparts
A report released last week by Times Higher Education, the World Academic Summit Innovation Index, finds that university scientific researchers from many Asian nations—including Korea, Singapore, Taiwan, and China—are attracting substantially more industry funding per researcher than their American counterparts. What makes this all the more striking is that American researchers tend to cost more than their Korean counterparts, and yet the latter still receive more funding.
Competitiveness, Innovation and Productivity: Clearing Up The Confusion
To listen to many economists, pundits and policymakers discuss the economics of growth it would be easy to be confused by the commonly used terms: competitiveness, innovation and productivity. These terms are often used almost interchangeably and with little precise meaning. To remedy the situation, this policy memo defines these terms and explains how each is important in driving economic prosperity.