Technology driven Economy;

What must be done

As Robert Solow pointed out decades ago, for an economy with the characteristics of U.S. economy, investment and lending money won’t produce a quality economic growth,if any. Instead, “technology advancements” will do the trick. The main question is, what is “technology advancement”?and how it can be measured?

Answering these questions proved to be not easy, at all. Many have attempted to find the proper answer. But one thing is clear. Cutting-edge, Engineering based ideas are, and will be, included in almost every answer. Unfortunately, United States hasn’t performed well in these fields of science,especially in recent years. We’re gradually falling behind East Asian countries, namely China and South Korea, in engineering based research, and also, in commercialization of those research ideas. It must change, if we want to spur economic growth.

Federal funds are needed to support scientific research. it’s not a good time for a prolonged and surely fruitless arguments about whether federal government is responsible of funding those research projects, or whether doing so is “morally and ethically ”right or not! Others are doing it and they are seeing the results. We must learn from the other countries experience…