Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 23, 2023 erstellt
Beschreibung:
Today’s economy is being transformed by the application of new general purpose technologies built on the nexus of big data, machine learning and artificial intelligence. At the business firm level and at the national level, the tsunami of disruption that is coming sends us a clear message: Silicon Valley’s mantra of “innovate or die” applies to us. That is a problem for Canada because by many metrics, Canada is not innovating effectively and that is plausibly a driving factor behind Canada’s poor productivity and income growth performance. Analysis of the probable reasons points to several recommendations: First, Canada pioneered the economic analysis of small open economies in areas such as fiscal and monetary policy. The evidence suggests that a similar perspective is required for innovation to prevent leakage of policy stimulus abroad. Simply put, Canada needs to put in place a policy framework to ensure national appropriability of innovation stimulus. Second, navigating the process from the entrepreneur’s lab to the technology pavilion has become more complex and difficult. Canada needs to industrialize the commercialization process, bringing one firm at a time along with a chance to become a unicorn. Third, if the first two recommendations are implemented, Canada will be ready to scale up its innovation support, in line with the basic economics of the modern economy