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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.

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