Is Declining U.S. Innovation The Next Big Problem?
Concerns are growing that U.S. innovation may be declining, which could pose significant economic challenges. Historically, figures like Joseph Schumpeter have noted similar fears during periods of technological advancement. This notion has been linked to past economic downturns, such as the Great Depression.
- ▪Economists are worried about a potential decline in U.S. innovation.
- ▪Joseph Schumpeter highlighted fears of exhausted technical possibilities during the adoption of electricity.
- ▪Such concerns have historically been associated with economic downturns like the Great Depression.
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There is a perennial worry among economists that the much celebrated capacity of the U.S. to produce innovation is about to have run its course. Joseph Schumpeter, the most influential historic voice to have explained America’s decades-long economic expansion, noted that upon the widespread adoption of electricity in the 1920’s and 30’s, many theorists believed they had seen the “exhaustion of technical possibilities.” This idea was commonly used to explain the Great Depression. Read Full Article »
Excerpt limited to ~120 words for fair-use compliance. The full article is at RealClear Markets.
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