Innovate or Die

While Americans remain fearful for the economic future of our nation their is reason for hope (beyond finally having a POTUS that is competent). As reported recently by the Financial Times:

the United States, despite its current economic woes, remains the world’s most innovative economy, with unrivalled business sophistication and competitiveness, according to a new study by INSEAD, the Paris-based business school.
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The Global Innovation Index – released in New Delhi on Tuesday – looks far beyond traditional indicators of innovation such as the percentage of gross domestic product spent on research and development, numbers of engineering graduates, and numbers of patents obtained and scientific papers published each year.

Instead, the index seeks to measure an economy’s potential for a broad range of innovation – including social, marketing, and business innovations – by assessing its institutions and policies, infrastructure, and business and market sophistication as well as people’s skills.

The key for America to maintain it's role as the indispensable nation is to ensure our culture, economy and societal institutions continue to adapt to future challenges and opportunities. Although it is disturbing to read reports that our nation's youth score poorly in mathematics and sciences compared to other developed nations, technical knowledge will not in of itself guarantee our nation's preeminent role in global politics, national economic growth or high paying jobs for the next generation. Certainly a fundamental understand of one's field is essential, yet the ability to apply creative, innovating thinking to problems is the crucial element that differentiates talent and establishes power.

So keep the INSEAD report in mind tomorrow when the government announces an expected 5.5 percent drop in GDP for the fourth quarter. Hope is more than a slogan.