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Are you implying that US is capital rich because of innovation? I think it is a source of innovation, but I could think of more convincing narratives for why it

by dmos62 3y ago

Are you implying that US is capital rich because of innovation? I think it is a source of innovation, but I could think of more convincing narratives for why it's rich.

alephnerd 3y ago
> Are you implying that US is capital rich because of innovation Yes I am. "Clusters of productivity-boosting patents correlated closely with three major waves of U.S. technological progress: the late 19th century’s so-called Second Industrial Revolution (which saw new railroad technology and the birth of electricity), the 1930s (new applications of electricity and the development of chemicals, including Bakelite, the first fully synthetic plastic), and the 1990s (revolutions in computers, communication, and genetics). The link between innovation and productivity held across sectors of the economy. For example, during periods when a given sector saw 30 percent more innovation than average, that sector tended to see up to 11 percent higher productivity." [0] [0] - https://insight.kellogg.northwestern.edu/article/measuring-innovation-patents-productivity https://insight.kellogg.northwestern.edu/article/measuring-i...
- philwelch 3y ago
  I agree with you but the US has many other economic advantages as well: a well-educated workforce, plentiful natural resources, tons of energy, and a fairly liberalized free market system. The innovation is the most important factor though.
  - lotsofpulp 3y ago
    Two huge oceans on both sides, friendly bordering nations, effectively no competition in the whole western hemisphere, and being primarily English speaking are other ones.
    - philwelch 3y ago
      At this point, speaking English is an advantage for other economies because it’s the language that Americans speak.
  - sgu999 3y ago
    > The innovation is the most important factor though. Yet all the eminent figures of AI, just to name that field, are from abroad.
    - philwelch 3y ago
      From abroad, but where do they do their research? Recruiting ringers from around the world is also an American advantage :)

by dmos62 3y ago

Are you implying that US is capital rich because of innovation? I think it is a source of innovation, but I could think of more convincing narratives for why it's rich.

alephnerd 3y ago

> Are you implying that US is capital rich because of innovation Yes I am. "Clusters of productivity-boosting patents correlated closely with three major waves of U.S. technological progress: the late 19th century’s so-called Second Industrial Revolution (which saw new railroad technology and the birth of electricity), the 1930s (new applications of electricity and the development of chemicals, including Bakelite, the first fully synthetic plastic), and the 1990s (revolutions in computers, communication, and genetics). The link between innovation and productivity held across sectors of the economy. For example, during periods when a given sector saw 30 percent more innovation than average, that sector tended to see up to 11 percent higher productivity." [0] [0] - https://insight.kellogg.northwestern.edu/article/measuring-innovation-patents-productivity https://insight.kellogg.northwestern.edu/article/measuring-i...

philwelch 3y ago
I agree with you but the US has many other economic advantages as well: a well-educated workforce, plentiful natural resources, tons of energy, and a fairly liberalized free market system. The innovation is the most important factor though.
- lotsofpulp 3y ago
  Two huge oceans on both sides, friendly bordering nations, effectively no competition in the whole western hemisphere, and being primarily English speaking are other ones.
  - philwelch 3y ago
    At this point, speaking English is an advantage for other economies because it’s the language that Americans speak.
- sgu999 3y ago
  > The innovation is the most important factor though. Yet all the eminent figures of AI, just to name that field, are from abroad.
  - philwelch 3y ago
    From abroad, but where do they do their research? Recruiting ringers from around the world is also an American advantage :)