Needed: A New Approach to Economic Development

Do you think it’s a coincidence that there’s a 1:1 correlation between states that rank in the bottom 50 percentile on the New Economy and states that voted for Trump? I don’t. It makes sense that the populist fervor is coming from places that feel left behind in our decades-long transition to the New Economy. I’m convinced, however, that neither of the current political narratives will turn things around. Neither small government and lower taxes, nor increased distribution of wealth will help.

What’s needed is a third approach—one that focuses on spurring innovation, boosting productivity and improving global competitiveness. We need to ensure that our workforce has the education and skills to have a place at the table – meaning STEM education, retraining AND importing workers from away to shore up places with diminishing populations. And it means a concerted investment in broadband infrastructure and R&D focused on value-added agriculture and aquaculture, and energy production.

For a detailed look at this strategy, visit the website for the Information Technology and Innovation Foundation (ITIF), the leading US Science and tech policy think tank, led by Rob Atkinson. http://www.itif.org.

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