Far from being simply some missing factor in the growth equation, innovation is now recognized as the single most important ingredient in any modern economy – accounting for more than half of economic growth in America and Britain. In short, it is innovation more than the application of capital or labor – that makes the world go round.

finally a credible source that spells out what many naysayers fail to understand. schumpeterian destruction is very necessary for an economy to prosper. the commodization of protocols and applications ushered by open source is very much in line.

• Uncategorized