Missing Pieces solve the productivity puzzle of Economic Growth
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. In Economics a rise in growth of 35% is absurdly associated with a decline of 1% in the innovation proxy. But there is another source of knowledge. And the innovation profession makes no apology for thinking different, as follows, 1. We use economic language to raise current concepts to new heights , 2. That establish a new system of innovation (Google Books review) with no residual, 3. Authenticated as 'Innovation in Economics: Missing Pieces' full research , Whose 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.