An Innovation Economics Agenda for the Next Administration

Thursday, September 25, 2008 - 8:30am - 12:30pm
Newseum
555 Pennsylvania Avenue, NW
Knight Conference Center Room 706
Washington, DC
20005

As 2009 approaches with a new administration to take office, questions as to how to spur innovation will by necessity loom large on the policy agenda. Nonetheless, fresh thinking about how to craft an innovation-based economic policy, what innovation policies to implement and how to implement them effectively are in short supply. In this conference, ITIF and Silicon Flatirons will set forth both the conceptual framework and a set of specific policy proposals to raise the level of debate.

At the conference ITIF released two reports, Innovation Economics Agenda for the Next Administration and Economic Doctrines and Policy Differences: Has the Washington Policy Debate Been Asking the Wrong Questions?, addressing the need for innovation economics to be a pivotal part of the next administration’s economic agenda.

ITIF’s Innovation Economics Agenda for the Next Administration lays out eight key recommendations to spur innovation-led economic growth in the United States. Amongst others, these measures include: significantly expanding the federal R&D tax credit, allowing companies to expense new investments in IT in the first year, creating a National Innovation Foundation, and reforming patent and trade policies.

Economic Doctrines and Policy Differences: Has the Washington Policy Debate Been Asking the Wrong Questions? briefly explains the three prevailing economic doctrines, as well as the newer doctrine of innovation economics, that are competing for the attention and allegiance of U.S. policymakers. In addition to discussing each doctrine’s principles, goals, and what each believes about the economy, it discusses the advantages and limitations of each economic doctrine. Finally, it examines how each doctrine views particular real-world economic challenges and the different types of policy prescriptions that result from each.