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cheapbag214s · Posted: Sun 16:44, 04 Aug 2013 Post subject: Innovation Interrupted-_2

new breakthrough innovations- America's inability to set in motion the great gales of "creative destruction"identified long ago by Joseph Schumpeter as key to capitalist growth -he argues, is a key contributor to both the financial bubble and theeconomic crisis.But since there is compelling evidence that the figuresare overstated by the credit bubble and statistical problems, we canconstruct a plausible narrative for the financial bust that gives astarring role to innovation-or rather,[link widoczny dla zalogowanych], to the lack of it. It goessomething like this: In the late 1990s most economists and CEOs agreedthat the U.S. was embarking on a once-in-a-century innovation wave-notjust in info tech but also in biotech and many other technologies.Forecasters upped their long-run growth estimates for the U.S. economy.Consumers borrowed against their home equity, assuming their futureincomes would rise. And foreign investors lent America money by buyingup U.S. securities, assuming the country would come up with enough newproducts to pay