Skilled immigration, fostering digital, answers to declining innovation
The US ranked sixth overall among the 40 nations/regions, with a global competitiveness score of 63.9 that is 15 percent below the leader Singapore’s score of 73.4, according to the Information Technology and Innovation Foundation, a nonpartisan research group. Though the US still leads Europe. But the group found that all of the other countries and regions studied, all had made faster progress toward a new knowledge-based innovation economy in recent years than the United States.
“The trend is very troubling,” Robert D. Atkinson, president of the foundation, told the Times.
The foundation gave suggestions to fix the problem:
- Put in place incentives for firms to innovate within their borders.
- Be open to high-skill immigration.
- Foster a digital economy.
- Support the kinds of institutions that are critical to innovation.
- Ensure that regulations and other related government policies support, not retard, innovation.
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US innovation has traditionally been in response to security threats or the high cost of labor. With defense spending stretched on operations and with everyone chasing cheap labor in Asia, its no wonder we are falling behind.