Question

In: Economics

The government wants to encourage technological innovation all across the US. The government thinks that with...

The government wants to encourage technological innovation all across the US. The government thinks that with better technology, the US economy could become again the greatest economic power by far. What would you do in order to encourage firms and/or households to invent/develop new technologies that would help produce more output (and thus create more employment)? State THREE (03) possible ways (policies) to encourage technological innovation.

Solutions

Expert Solution

Technological innovations are inevitable for attaining higher economic growth rate over long run. Following are three policies measures that can help to spur up technological innovations in an economy:

  • Protecting intellectual property rights: intellectual property rights protection leads to the larger investment in research and innovation activities. Private firms know that protection through patent and copy rights shall raise their profits significantly in near future. Hence, they tend to make more expenditure on technological innovation and development.
  • Tax concession and rebates: provisions of tax concession and rebates can go long way in incentivizing investments in research and development activities. It is highly incumbent on government offer tax concession on part of profits that is spent on research and development activities.
  • Cooperation between companies and universities: government must promote cooperation and joint ventures between companies and universities. Universities have expertise and companies have right requirements and equipments. Thus, both must cooperate to hammer out innovation and technological advancements.

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