(http://www.innovationeconomics.org/) “Innovation economics” recognizes the reality that a global, knowledge-based economy requires a new approach to national economic policy based less on capital accumulation, budget surpluses, or social spending and more on smart support for the building blocks of private sector growth and innovation.
When examining how the economy creates wealth, "innovation economics" is focused on a different set of questions:
Are entrepreneurs taking risks to start new ventures?
Are companies investing in technological breakthroughs and is government supporting the technology base (e.g., funding research and the training of scientists and engineers)?
Are regional clusters of firms and supporting institutions fostering innovation?
Are research institutions transferring knowledge to companies?
Are our trade policies working to ensure a level playing field for American companies?
Are workers getting skilled & r companies organizing production in ways that utilize those skills?
Are policymakers avoiding erecting protections for companies against more innovative competitors?
And perhaps most importantly, are policies supporting the ubiquitous adoption of advanced information technologies and the broader digital transformation of society and the economy?
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