Role of Innovation in Determining Long-Term Economic Essay

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role of innovation in determining long-term economic growth and provide three public policies that are likely to encourage innovation. Provide an example of a recent innovation that has the potential to have a significant impact in one or more industries.

The nation needs to experience a situation where its exports are greater than its imports. This causes it to become wealthy and prevents many problems of economic hardship such as unemployment, the output and income in the economy, the price level, and burden of debt, inflation, national discontentment, and market inefficiencies and non-equilibrium that may will be the result of the reverse called a balance of trade deficit. There may also be preference for foreign products as opposed to locally-produced products which results in less of the local products being sold and in increase of their price. Whilst surplus of imports may be good for individual consumers who may end up paying the lower prices of these imparts and who have a section, it may be detrimental for the country in general (Froyen, 1998)

Given the state of global competition where countries are beginning to merge into producing the same kinds of goods and where, given that this is the case, competition then tends to producing increasingly cheaper goods (which may impact quality); one of the best ways that a country can differentiate themselves is by innovating. Innovating not only helps produce a greater interest in their goods (thus stimulating demand for their products), but may also lead to greater profit since people would be willing to pay the price for the item given its originality.

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If the country succeeds in boosting its exports, it stands a good chance of becoming wealthier, thereby increasing its GDP. America, therefore, under its Obama administration has recently placed a great deal of onus on innovation in order to overcome the setbacks of the recession where the national debt was highly increased, imports, during some years, outweighed exports, and its domestic market as a result suffered due to the fact that citizens were consuming more foreign goods than they were of their own.

Obama's Strategy for American Innovation is an example of American endeavors to boost innovation. The Government will assist this in at least three ways:

1. As promised in March 2010, by the Office of Management and Budget, the Government will actively help in assisting innovation by offering prizes, tax cuts, and incentives, and margin the route of innovators as inexpensive as possible. In September of that same year, the Government further launched Challenge.gov, a one-stop website where entrepreneurs and citizen solvers can find challenges with prizes for solving them. In its first 4 months alone, Challenge.gov has accumulated nearly 60 challenges from more than 25 agencies asking for original solutions for problems such as childhood obesity, advanced vehicle technologies, financing for small businesses, Type 1 Diabetes, and many other problems.

Congress also issued the America COMPETES Reauthorization Act (2010), providing federal agencies with generous awarding capacities. The Obama Administration works with these agencies to make sure that the venture works

2. Obama signed an Executive Order in January 2011 calling for a government-wide review of regulations to update or revise them.....

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