Its Missing Direct Measurement
Innovation in Economics
Connects Science, Technology, Engineering & Mathematics (STEM) - numerically and rigorously - to Economics; and therefore to true productivity. Without direct rigorous numerical connections between STEM related activties and economic expansion all growth policy is conjecture. Alan Greenspan has opined that Economics might get there by 2030. So far economists have - for non-durable goods - associated a 25% gain in GDP with a fall in innovation (or technology) factors of 1%, which is obviously mistaken. The acceptance of even one such result - so far outside commercial reality - makes 2030 extremely unlikely without outside help. Academe is just too distant from actual corporate technical center experiences. It's unfortunate, but a consumer-driven campus viewpoint can never compensate. Innovation professionals inhabit where academics need to be seen and see, 1. We bring a Royal Economic Society promise to full realization, 2. We establish a new system of innovation productivity (Google Books review), 3. Authenticated by extensive insider scholarship published here (in 100 pages). Whose 8 elements deliver a definition of innovation whose measurement takes risky idea development upward in stages to GDP. To achieve this original synthesis, econometric methods - that have previously left a 'residual' - are replaced by exact algebra and geometry, in a unique arrangement that now satisfies, Department of Commerce requirements for 'Measuring Innovation in the 21st Century Economy' including 'true' productivity and its impact on policy, improvement in National Accounting and preparation for Big Data and for going Beyond GDP.