Stephan J. Goetz | Agricultural Economics, Sociology, and Education
Conventional measures of innovation such as patents, R&D spending and science and engineering workforce are narrow and may miss economically important new goods and services, as well as new ways of producing them. In this talk I will discuss where new ideas and innovation can come from and the conditions under which they may arise. This information is then used to construct a measure of innovation that is likely to be occurring in different counties but that is not measured in official statistics. This latent innovation measure explains regional income and job growth beyond other typical explanatory factors.