Endnotes and citations are available in the PDF version of this issue brief.
Investing in innovation pays off.
The World Economic Forum, an international nongovernmental organization that assesses global business and socioeconomic policy, classified the United States in the 21st century as an “innovation-driven economy.” This means that the creation of new wealth depends not just on traditional inputs like natural resources, land, or labor—or on increasing the efficiency of existing capabilities. Rather, new wealth in an innovation-driven economy requires the discovery and development of new ideas to solve old problems; the seizing of new opportunities with technology and ingenuity.
But the importance of innovation is not measured simply in new inventions. Innovation also requires dissemination through market adoption and public acceptance. While the private sector has a key role to play in making innovation happen, government must provide three key public-good inputs that allow innovation to blossom: investments in human capital, infrastructure, and research.
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