Productivity growth, the key to rising living standards, has slowed across rich economies for a decade. And the American economy is no exception, with the annual growth rate averaging just 0.7% over the past five years vs. 2.3% in the postwar era. The difference in those rates is the difference in living standards doubling every century rather than every generation or so.
As the US continues to emerge from the Great Recession, there is an urgent need to look beyond Silicon Valley and support high-tech -- or “advanced” -- industries across the country in order to boost sluggish economic growth and reduce economic inequality, according to Mark Muro, a senior fellow at Brookings who directs the Metropolitan Policy Program, which conducted the study.
“There’s a home-field advantage,” said Arthur Dong, a professor at Georgetown’s McDonough School of Business. “Whether it’s state function of government policy or a less formal policy, foreign companies are at a great disadvantage.” That’s in line with Beijing’s desire to cultivate so-called national champions, large domestic companies hoped to one day become China’s most recognizable multi-national brands.
New, robust partnerships between the public and private sectors are needed today to attract and educate the young scientists, technologists, engineers and mathematicians for tomorrow. A stem is the main trunk of a plant, and STEM -- short for Science, Technology, Engineering and Mathematics -- is the main trunk of our economy. A plant that gets too little water will fail to grow. Unfortunately, that’s also what’s happening to STEM education in our country today.
The United States, Singapore, Finland, the Netherlands, Sweden, Switzerland and Israel were among the top countries when it comes to adopting and adapting to new technologies, according to the Global Information Technology Report 2016 from the World Economic Forum. The Global Information Technology Report measures countries' success in “creating the conditions necessary for a transition to a digitalized economy and society,” according to WEF.
Most policies that seek to increase innovation in the United States are focused on getting as much out of current innovators as possible. But because the first seeds of new innovation sprout in many different ways perhaps policymakers should instead be focused on creating more innovators. New research shows that the key to increasing the ranks of innovators may reside in the childhoods of potential innovators.
The move will help bring China's calculations for the value of its goods and services more in line with global standards set by the United Nations and other world organizations, amid widespread investor skepticism about the accuracy of the country's official data. The new method has increased the value of GDP but has only slightly affected annual growth rates, the National Bureau of Statistics (NBS) said on its website.
...it’s no secret that women who work in STEM fields face significant challenges and are severely under-represented, particularly in senior leadership roles. This lack of representation will have negative repercussions for the industry's long-term growth. Research shows that diversity leads to increased innovation and group performance, which are crucial to the success of STEM industries, whether they are creating life-saving medical devices or finding new ways to harness renewable energy.
Legislators in a handful of oil-rich states are struggling to do the seemingly impossible as the 2016 fiscal year draws to a close this week: balancing their budgets, as required by law, despite massive declines in revenues due to falling oil prices.
The Bureau of Labor Statistics recently reported that the country’s productivity declined at an annualized rate of 1 percent in the first quarter of the year, further prolonging an eight-year rut that already counts as the worst we have experienced since the government started measuring productivity in 1947. Our productivity growth in this period has averaged little more than 1 percent per year. No wonder wages have hardly budged.