Economists’ reliance on R&D and patent metrics distorts our understanding of productivity growth. Time to correct the conclusion: Here’s why these proxies fail to capture the forces that do drive it.
These are excellent and insightful observations about innovation, ignored by the neoclassical mainstream, which overlooks the patterns of long-term technological development and the GPT. We are working within this framework and have formulated a hypothesis for the synchronization of basic GPTs with Arrighi's long waves. The world has entered an era of a new industrial revolution, specifically in the field of production technologies and cyber-physical systems. The emergence of a new world order, where the US must contend with China's industrial ambitions, naturally requires a new protectionism. Foolish stories about the productivity of any innovation and patents should be left in the bygone era of globalism.
These are excellent and insightful observations about innovation, ignored by the neoclassical mainstream, which overlooks the patterns of long-term technological development and the GPT. We are working within this framework and have formulated a hypothesis for the synchronization of basic GPTs with Arrighi's long waves. The world has entered an era of a new industrial revolution, specifically in the field of production technologies and cyber-physical systems. The emergence of a new world order, where the US must contend with China's industrial ambitions, naturally requires a new protectionism. Foolish stories about the productivity of any innovation and patents should be left in the bygone era of globalism.
Serge, thanks. good point about the neoclassical mainstream
Thanks for the insightful note. Yep, Clay C got a lot right.