The Future of U.S.'s Economy

In This Article:

- Why scientific & engineering research is vital for the future well being of our nation's economy
- Science R&D+Sustainability=Innovation+Economic Stability

With emerging markets developing more and more momentum, the economical leadership role of the United States are at stake. Headlines like "Is America loosing its technological edge?" appear not only in boulevard media. So, the questions are 2-fold: (a) Is it really that bad? And (b) if so, what can we do about it? For the first question,  some pessimists might say, that the number patents of foreign investors are dramatically increasing alongside with a more and more international mix of graduates at U.S.'s top universities. 

In addition, a recent article in IEEE Spectrum showed that many other countries, including emerging ones, start to develop a wider technology innovation portfolio. To answer question (a), the U.S.  is spending more on R&D than it's next 4 runners up combined - thus we are certainly not neglecting the importance of R&D investment, but given the national debt some parties are tempted to close the R&D-'valve' which is comparable to switching off the fuel supply on a airplane over the Atlantic ocean. However, the real question is whether the U.S. is capitalizing on those R&D investments in a proper way? 

Or in other words: are we innovating in the 'right' direction towards creating the most future  economical stability? Looking at the funding agenda's of our nations national institutions (DOE, DOD, NSF, NIH ...) we do clearly see future-directed and technological leadership promising investments, as they are in: Energy Independence (renewable energies, smart lightning, efficiency increases), Cyber Security (reducing cyber attack risks), Clean and smart Transportation (personal independence with a 'green' mindset), Superior Data-Communication (Fiber-optics and broadband internet). Interestingly, many of these technologies have a connotation of Sustainability in it. 

Efficiency = Sustainability?!

A McKinsey article earlier this year (click here for the link) reported that in order to growth an economy in the 21st century, that about 70% of such growth must come from becoming more efficient in their operations, while only 30% growth can be gained from 'putting more workers to the problem'. Interestingly this is exactly mirrored by developing nations which are able to growth by reinforcing their man-(and women)-power. Thus, efficiency is high on the list for a economical future. But using less water, less electricity, becoming more efficient in logistics & recycling resources etc. not only save some dollars, but are also early indicators that Sustainability is THE KEY for the 21st century. On that same token, I am pleased to see that early adopter school's like the University of Arizona are offering a new major in Sustainability by opening the first School of Sustainability in the Nation.  

In conclusion, we see sustainable living, and running businesses & nations in a sustainable way are mandatory towards ensuring our nation's healthy economy in the future, since increased efficiency and sustainability go hand-in-hand. In light of this, the DOE stands clearly out; many funding programs are in line with high-tech R&D towards sustainable technologies, creating patents, high-taxpaying jobs and a future economy. Great job Steven Chu!