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How Innovation Boosts Growth And Why We Need More Of It

Adam Millsap writes in Forbes about the importance of innovation and economic growth.

The C3 Take
  • Economic growth has been taken for granted in the U.S., as evidenced by state and federal policies that hurt innovation.
  • Economic growth not only improves living standards, but also environmental health.
  • As states or countries rise up the economic ladder, consumers are able to spend their money on cleaner (and often more expensive) products and companies can invest in innovation.
  • Lawmakers should look to streamline regulations and lower taxes broadly to spur innovation and economic growth to benefit society and the environment.

“More pro-growth policies are the only way to ensure that the United States remains the world’s innovation leader. These policies include light-touch regulation on new technologies such as AI, tax policies that encourage investment such as full expensing, new free-trade agreements with friendly countries such as Indonesia and the Philippines, and a better immigration system that encourages the best and brightest to live and work in America. If we continue to take innovation and growth for granted, eventually we will fall behind.”

Read more here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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