Innovation Blueprint: Key Factors Fueling Global Technological Growth

Modern welfare states rely heavily on economic growth to sustain rising costs associated with pensions, healthcare, and infrastructure. Economic growth typically stems from either population expansion or productivity growth. With population growth (excluding immigration) stagnating or declining in most developed economies, the imperative to innovate becomes critical for continued economic growth. This short note delves into the factors driving innovation, examining the role of education, the rule of law, military spending, acceptance of failure, and the importance of ecosystems.