Tracking the State of Innovation in the American Economy
Innovation Measurement
In 2007 the United States Department of Commerce commissioned the
above report. They sought to answer twenty five leading questions on
innovation published in the Federal Register.
One year later the appointed Committee responded,
We recognise that the American economy is changing in fundamental
ways - and that most of this change relates directly to innovation.
The centrality of the need to advance innovation measurement cannot
be overstated.
Unfortunately the committee was excluded from considering the source
of knowledge necessary to answer the questions needed for advancement.
Unlike academic knowledge, industry's is (a) tacit and (b) proprietary. In
the vacuum left by the Committee report it has taken a decade for this
commercial knowledge to emerge, but it is now here.
Published in 2018, 'Innovation in Economics: Missing Pieces' reveals
commercial knowledge translated using Physics and Applied Mathematics
into Economics. It advances innovation measurement along the lines
sought in 2008.
It is divided into eight Parts. Each Part uses neglected commercial data, or
interprets such data, to illustrate increasingly complex economic activity
that provides essential pieces otherwise missing from Economics.
The direct economic measurement of innovation becomes a talisman
linking growth to original factors arranged with profound simplicity,
from which economic growth makes complete sense.
