Innovation is the only way the U.S. can get out of its economic hole. - Inspired by Michael Mandel

The economy is floundering. Is innovation the one thing that can help? Mandel seems to think so: “Beneath the gloom, economists and business leaders across the political spectrum are slowly coming to an agreement: Innovation is the best—and maybe the only—way the U.S. can get out of its economic hole. New products, services, and ways of doing business can create enough growth to enable Americans to prosper over the long run.”

The problem: money can’t always buy innovation and areas like nanotechnology and the biotech industry have faltered. Economists are starting to look into other ways of fueling innovation – publicizing a problem, offering prizes, conducting more R&D overseas to incorporate more diverse perspectives, reworking R&D tax credits to encourage collaboration, and cultivating innovation clusters (“collections of local companies and academic institutions working together to create new products and processes.”).