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Josh Lerner: To Grow in Innovation
Update:Aug 27th, 2013

To grow in innovation is applicable to both developing and developed countries.

 

In recent years, some developed countries are faced with formidable economic challenges. In the U.S., huge government debt and slack economic growth indicate a gloomy future. High unemployment rate has drained limited public service and dragged down the tax revenue. Britain and Japan suffered a lot from the low growth rate, surging debt and high unemployment.

 

“Cutting down expenditure” is among the simplest ways adopted by developed countries to address the problems. Austerity, though necessary, would extend the economic recession, dent the momentum for growth and customer’s confidence and even lead to financial crisis if over the top.

 

The pursuit of growth drives people to go after innovation. There are to ways to realize growth: the increase of input and the increase of output through innovation.

 

(The author is a professor at Business School, Harvard University)

 

Source : 03 People’s Daily, July 2nd, 2013



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