Philip Cross: COVID s lessons for innovation Philip Cross © Provided by Financial Post An anti-mask and anti-vaccine rally in New Hampshire, U.S. Economists have long understood the importance of innovation to economic growth. The Nobel-winning growth theorist Edmund Phelps estimates that innovation contributes over half of long-term economic growth. If there is a bright side to this pandemic, it is the vivid demonstration of the importance of innovation, entrepreneurship, and experimentation in terms the average person can understand.
Popular Searches The most obvious instance was the record speed with which the U.S. and the U.K. developed and distributed vaccines. Although Canadians showed greater discipline in obeying public health restrictions, the rebelliousness of Americans reflects a culture that is more encouraging and open to innovation.
Skilling for the future is the way to fight inequality
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The GOP has spent years warning against the safety net as a cushy, dependence-inducing hammock and demanding work requirements to obtain benefits. Now some, at least, seem willing to give money directly to families to let them choose how to spend it. Republican Sens. Mitt Romney (Utah), Mike Lee (Utah), Marco Rubio (Fla.) and even Hawley have pitched programs of generous cash benefits for families with children in which the usual maze of tax code and welfare strictures seem conspicuously absent.
Biden and fellow Democrats should take them up on it. The American Families Plan could simply give families money and let them to choose whether to pay for care or allow one or both parents to take time at home. And Democrats should push Republicans to walk their talk and support policies that would make it possible for a family to survive on a single worker’s income, reforms such as a higher minimum wage and a true medical safety net.