Introduction MELF Equation Macro Metrics Micro Metrics Beyond GDP How To Access Acknowledgements About Us
With responses from innovation practice, when translated into Economics,
Peer Reaction Innovation in Economics - Missing Pieces
Don't Paul Romer's growth theories already cover these?  As far as I can tell they do not, page 66. Missing elements continue to baffle Economics. Completing the puzzle from neglected angles is what my book offers. Your innovation measure. Isn't it just price divided by cost?  Not just price and unit cost. You are forgetting competition. That's why quantity is there too. And that's a vital point because the independence of physical quantity was given up - to value divided by price - by Economics almost a century ago. Competitive pressure cannot be enumerated without physical quantity, pages 11 to 13. This provides a primary reason why Economics has struggled with innovation since. Why is it just performance divided by unit cost then?  Because that succinctly captures every action of mine in twenty-five years of practice, is consistent with the best knowledge available from product success studies, and explains the economics of the innovation funnel so elegantly. Our profession is one of the least known about, page 44. That's a barrier to campus view or from everyday knowledge and consumer experiences. Current National Accounting cannot be changed,  Nothing needs to change. This is an overlay that recognizes the pre-eminent power of innovation. It opens a new reality in which it becomes possible to effect future growth from rational planning in the present. This results in prediction that can be checked, Part VI.  R&D - treated as capital - cannot be so affirmed, pages 67 & 68. Total Factor Productivity is widely used,  It must be measuring something, but what? It's a yardstick where nobody knows what the yard is. Now independent measurement clarifies that it's neither innovation nor technology, Figures 51 & 52. Even the status of its basic elements are lowered when Creative Destruction and Innovation Factors take over on pages 66 & 67. But you don't consider High-tech,  My data range is 1951-2001. There is plenty of high-tech. Supercomputing is considered on pages 59 & 72. But much has happened since then. The Smart Phone is an entity at the forefront of today's digital economy. It can be treated using the same methodology. A complete list of reactions and responses will be made available to those interested.