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August 10, 2006
Measuring Innovation in the 21st Century Economy Advisory Committee
The Commerce Department is setting up a "Measuring Innovation in the 21st Century Economy Advisory Committee."
From the Federal Register - FR Doc 06-6811:
The U.S. economy is the fastest growing of the major industrialized countries. this growth is occurring as we shift to more knowledge-based and service-based industries. The high level of productivity that sustains this growth derives not only from innovations in the types of products and services we produce, but also from innovations in how goods and services are produced and brought to market. In a competitive global economy, policy makers need to understand the determinants of growth. Our data and analytic capabilities, therefore, need to be updated to keep pace with changes in the economy.
To help address these issues, the Secretary of Commerce is establishing the Measuring Innovation in the 21st Century Economy Advisory Committee to be composed of leaders from business and academia who will be charged with recommending new and improved statistics to help policy makers understand the innovation process.
Better metrics will help improve the understanding of how innovation occurs in different sectors of the economy, how it is diffused across the economy, and how it impacts economic growth and productivity. Definitions and methodological questions relevant for both government and private sector officials will be explored, therefore it is critical to have input from leaders in both the business and academic communities.
BRAVO!
But the real test will come when it come time to put funds behind the implementation of those new metrics. Past efforts at improving statistics has floundered on the budget shoals. Let us hope that this effort is different.
Posted by Ken Jarboe at August 10, 2006 12:02 PM
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