For details: https://itif.org/publications/2019/09/12/why-federal-rd-policy-needs-prioritize-productivity-drive-growth-and-reduce?mc_cid=5c39ea9d80&mc_eid=3171ceba53
Washington DC - According to Robert D. Atkinson, "The federal government should significantly increase spending on research and development that specifically targets technologies likely to boost productivity in order to spur growth and reduce the budget deficit." The greatest driver of economic progress since the dawn of the industrial revolution has been the development and adoption of technology, especially to either automate work or eliminate the need for it. This will remain just as true in the future. Today, the possibilities are near endless: robots, artificial intelligence (AI) systems, autonomous vehicles (AVs), and new materials are just a few technologies that promise to boost productivity. By expanding output, this process will lead to increased wages and better jobs. But developing and using technology to boost productivity growth rates will also play a key role in reducing the debt-to-GDP ratio, by increasing both gross domestic product (GDP) and tax revenues. But federal government spending on research and development (R&D) has fallen significantly as a share of GDP, and current R&D is not focused on advancing technologies that drive productivity. As such, Congress and the administration need to devote more direct and indirect funding to R&D that is focused on enabling technologies that will boost productivity. In short, it is time to add a new mission for federal R&D: boosting productivity.
For details: https://itif.org/publications/2019/09/12/why-federal-rd-policy-needs-prioritize-productivity-drive-growth-and-reduce?mc_cid=5c39ea9d80&mc_eid=3171ceba53
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