Innovation Economics is held back by a data constraint that was identified
by Harvard Professor Zvi Griliches in 1998. It still holds today. Why?
Why did Professor Marty Feldstein, of the National Bureau of Economic Research, after
touring plants of the defense contractor TRW, comment that nothing in his years of studying
productivity was helpful to him in understanding what was going on there?
Why has Federal Reserve Chairman Alan Greenspan found it neccessary to project so far
into the future - to the year 2030 - to see an emergence of a single governing productivity?
Both are implicit symptoms of Griliches’s data constraint, which occurs because the key
data necessary to penetrate such productivities is mainly private and has resided hidden in
commercial reports; within factories, corporate offices and technical centers.
Industry insiders – such as innovation professionals – have access to this data and are in an
excellent position to understand and then articulate the economics of innovation processes
from it. Knowledge that was previously out of reach is now available, in summary form,
from the navigation bar above.
Multiple choices will introduce you to paradigm shifting new knowledge categories,
including a new fundamental equation that governs what has evaded previous discovery by
visitors; but has always been known, tacitly at least, on the inside. Previously shielded
knowledge can now reach into Economics itself, for which it rewrites price mechanism.