The Innovation Process, Economic Growth, and Public Policy (CRS Report for Congress)
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| Release Date |
May 1, 1999 |
| Report Number |
RL30157 |
| Report Type |
Report |
| Authors |
Robert Tosterud, Government and Finance Division |
| Source Agency |
Congressional Research Service |
Summary:
Influential economists and federal policy makers are of the opinion that much of U.S. economic growth can be attributed to technological change. Alan Greenspan, Chairman of the Federal Reserve, credits the current economic expansion to the creation and diffusion of new technologies which have led to an expansion of business investment, increased productivity, and low levels of inflation and interest rates. Many of these new technologies, including improved products and services, are results of the monetary incentives endogenous to our free enterprise system. Firm competitive sustainability is accomplished through innovation processes assembled and managed by entrepreneurs. The growing role of innovation in the U.S. economy presents important and interesting challenges to contemporary policy making, especially in the areas of education, research and development, venture capital, business regulation and law, and intellectual property rights.
