Economy

Driving Innovation From the White House

The White House will host its own Demo Day (#WHDemoDay) on August 4. "Unlike a private-sector Demo Day, where entrepreneurs pitch their ideas to funders, innovators from around the country will join President Obama to "demo" their individual success stories and show why we need to give every American the opportunity to pursue their bold, game-changing ideas," said Kalil, who called it chance to promote an inclusive innovation economy.

Employment in tangible-producing and intangible producing industries

The standard image of the U.S. economy is one of two mega-sectors: manufacturing and services. This is both is outdated and misleading. It is still basically based on Colin Clark's 1940's division of the economy into primary, secondary and tertiary. Over the years this has been simplified to goods versus services as the extractive industries (primary) have been lumped with the manufacturing (secondary) industries. This classification has been commonly used to declare that the U.S. has become a service economy.

June employment in tangible and intangible industries

Employment in tangible producing industries grew by 96,600 in May. Trade, Transportation & Utilities and Accommodation & Food Service were the biggest gainers. Intangible producing industries added 126,300 jobs with most of that gain in Professional & Business Services and Educational & Health Services had the overall largest gain.

Productivity, growth and intangible capital: a short history lesson

Earlier this year, Andrew Haldane, Chief Economist at the Bank of England, gave a fascinating speech on "Growing, fast and slow." In it he succinctly sums up the history of economic growth. As he notes, "If the history of growth were a 24-hour clock, 99% would have come in the last 20 seconds." Given that economic growth is a very new phenomenon, he goes on to look at where growth comes from. Specifically, he outlines the difference between the Neo-Classical exogenous growth model (where innovation is an outside random factor - "manna from heaven") and the "New Growth Theory" endogenous growth model (where innovation is a function of internal factors).

Women Entrepreneurs are Key to Accelerating Growth

Women entrepreneurs bring particular sets of skills that not only set them apart from their male counterparts, but also lend themselves to being successful entrepreneurs. Women entrepreneurs have a more nuanced view of risk, identifying more strongly than men as financial risk takers, while remaining concerned about “fool hardy risks.” Women display greater ambitions to become serial entrepreneurs than their male counterparts.

Congress, Silicon Valley Spar on Tackling Patent Trolls

While curbing abusive lawsuits is a noble goal, opponents worry a congressional push could stifle innovation and punish the wrong people. "We cannot afford to rush into passing a bill that would further weaken our innovation economy, which is exactly what the Innovation Act would do by making broad changes that fail to protect all patent holders," said Coons, who was joined at the event by Sen. David Vitter, R-La., and Reps. John Conyers, D-Mich., Thomas Massie, R-Ky., Bill Foster, D-Ill., and Scott Peters, D-Calif.

Why Today’s Innovations Are Stifling Economic Growth

In recent years, “efficiency innovations” have been actively pursued by corporations, thus creating a productivity imbalance due to a lack of investment in “market-creating innovations”. On one hand, Efficiency gains have lead to 60+ year highs in corporate profit margins. On the other hand, we have seen the U.S. labor force participation rate languish at 38 year lows.

Maker Movement promises to help U.S. declare independence from Chinese goods

The "Maker Movement," a marriage of traditional craftsmanship techniques with the latest in modern designs and production technologies, promises an economy based on financial independence by manufacturing almost anything the market wants through a hybrid of electronics, robotics, metalworking, woodworking, 3-D printing and traditional arts and crafts.

The Cities That Make Up the Biggest Economy on Earth

Asia Pacific cities are driving the global economy. From the West Coast of the Americas spanning cities including Vancouver, San Francisco and Lima to Auckland, Jakarta and the metropolises of Hong Kong, Shanghai and Tokyo, the 100 biggest metropolitan centers across the region make up one fifth of the global economy, or $22 trillion worth in 2014.

Cyber attack on U.S. power grid could cost economy $1 trillion

The report from the University of Cambridge Centre for Risk Studies and the Lloyd's of London insurance market outlines a scenario of an electricity blackout that leaves 93 million people in New York City and Washington DC without power. The total impact to the U.S. economy is estimated at $243 billion, rising to more than $1 trillion in the most extreme version of the scenario," the report said.

One year after: Observations on the rise of innovation districts

In the year since we released “The Rise of Innovation Districts: A New Geography of Innovation in America,” Brookings has visited or interacted with dozens of leaders in burgeoning innovation districts in the United States and Europe. In so doing, we’ve sharpened our knowledge of what’s happening on the ground and gained some important insights into how cities and metros are embracing this new paradigm of economy-shaping, place-making, and network-building.

Biden: US, China must cooperate despite intense differences

Chinese Vice Premier Wang Yang said neither China nor the U.S. can afford a lack of cooperation or "all-out confrontation." He said the two-day dialogue would lay the foundation for a White House visit by Chinese President Xi Jinping, slated for September. Biden acknowledged that there will be intense disagreements, but added: "This relationship is just too important. Not only we depend on it, but the world depends on our mutual success."

Chinese firms are spending billions to mine America's research labs for ideas

Surging investment by Chinese companies in U.S. research labs is yielding a fast-growing trove of patents, part of a push to mine America for ideas to help China shift from being the world's factory floor to a driver of innovation. Largely absent from American research hubs a decade ago, Chinese firms including Huawei Technologies  and ZTE Corp are now using U.S. researchers to create patents ranging from new software to internet infrastructure, according to an analysis of Thomson Reuters' global intellectual property database.

America's growing cyber threat: Seven things we must do right now to protect US interests

Recently, there is strong evidence that the science of quantum computing can provide for the generation of truly random numbers. Once this technology has matured, it would greatly reduce, if not eliminate, the likelihood of hacking into any system. There is also strong evidence that the technology could actually be put on a chip. Fortunately, the U.S. Air Force Research Laboratory (AFRL) has done a great deal of research and work in this area.

Northrop CEO: Defense R&D Investment Lags

The US ranked sixth in the world in the 2014 Global Innovation Index, with China far behind at 29th, Bush said. But from 2009 to 2012, China's defense R&D spending as a percentage of its GDP rose by about 18 percent annually as China's overall economy grew by 9 percent annually. Over the same period, the US GDP grew by a modest 1 percent, but defense R&D spending shrank by about 7 percent each year.

Pages

Contact Us