Innovation Drives the Economy—an Old Idea with New Implications
Innovation generates economic momentum and helps guarantee American preeminence in a world where power and progress are often measured in terms of technological achievement. Partly as a result, innovation has become the engine that drives many companies to the forefront of their industries: IBM, Dow Chemical, Texas Instruments, Pfizer, General Dynamics, Eastman Kodak, Polaroid, Raytheon, and Xerox—to name only a few. Yet from boardroom to research lab, there is a growing sense that something has happened to American innovation…. The country’s genius for invention is not what it used to be.
—“The Breakdown of U.S. Innovation,”Business Week, 16 February 1976
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