Macroeconomics Essay Example | Topics and Well Written Essays - 1000 words

Macroeconomics - Essay Example The industry generates a lot of revenues for the United States, but the amounts of jobs created by these companies are limited and specialized. According to the article innovation and economic growth are two correlated concepts. An organization that has done a good job in promoting medical innovation is the National Institute of Health. In order for more innovation to occur in the United States across different industries the federal government and the academic community have to get more involved. The federal government can finance innovative projects by providing research grants to organizations. The government can also perform their own research in-house in order to promote innovation. In 2010 the government showed that its involvement can affect the private industry directly. The US government took over GM Corporation to safeguard the company from bankruptcy in to protect a car company that is currently one of the most innovative players in the auto industry. One of the showcase p roducts developed by GM is the Chevy Volt, a care capable of giving over 230 miles per gallon. The network of private and public universities in the United States is a big contributor to innovation in this nation. Universities receive funds from both the private and public industry in order to perform research. ... Exposing students to the research environment is the best way to get more students interested in pursuing careers dedicated to research. The colleges of this nation have to develop more scientist and engineers so that there won’t be a shortage of talent in the private industry. Basic research is often what economist called a ‘public good’ which offers economic returns for years to come (Leonhardt). An issue identified by the author of the article which is hurting the long term ability of the United States to get involved in innovative projects is the fact that our basic educational system is flawed. There are many students graduating from high school that do not have the capabilities and basic knowledge in math and science in order to perform research in innovative projects. Innovation is something that is not created out of thin air. People must provide the ideas needed to create innovative projects. The US Congress has to rethink its strategy concerning our chil dren’s educational system. More teachers need to be hired these teachers need better training in order to better prepare students for the realities of the working world. In high school teachers should encourage students to participate in events such as the science fair which promote innovation. The US government has to increase its educational budget to provide teachers and students access to better materials. A topic that was discussed by the author which has tremendous implication in the development of innovation is the use of clean energy. There has to be greater innovation in the green movement in order to develop alternative sources of energy that are not based on petroleum. Our society has to realize that the dependency on crude is not