Studied by Industry. Delivers what no Campus can teach,
Innovation in Economics
For economic prosperity a nation needs a system of innovation. What its elements are, and how they interact, is known in general but is missing on details. This compromises its usefulness. Everyone agrees about innovation. Its importance is universally cited. But its measurement is completely absent from Economics, where anyone would expect to find it. Instead there is 'factor productivity', a residual, a proxy, for what is unknown in Economics about growth. The consequence is a contribution of innovation to growth that is grossly under-represented. A 35% increase in growth cannot derive from a 1% decline in innovative input. To make it worse demand data affecting price determination is discontinued. Government agencies cannot obtain the advice they need from academe. But innovation practitioners access independent data and knowledge. Using it we trace a country's economic success to ideas it makes tangible by specific economic processes, 1. That bring a Royal Economic Society promise made in 2008 to full realization today, 2. That establish a new system of innovation (Google Books review), 3. Derived from, and authenticated by Research Missed by Economists, Whose 8 elements deliver a definition of innovation that directly connects its measure to underlying technology development and its consequent effect on GDP. To achieve what has stymied others, econometric methods are abandoned in favor of simple algebra and geometry; all exact, and which now satisfy, the originating Department of Commerce requirements for 'Measuring Innovation in the 21st Century Economy' with decisive impact on policy, improvement in National Accounting and in preparation for Big Data and for going Beyond GDP.