RECESSED ECONOMY: ROLE OF SCIENTIFIC INNOVATIONS- TOLULOPE ADETORO
(i)High inflation, a general rise in price of goods and services leading to purchase power,
Faster broadband and wireless speeds enable people to take advantage of new digital tools such as GIS mapping, telemedicine, virtual reality, online games, supercomputing, video on demand, and video conferencing. New developments in health information technology and mobile health, such as emailing X-rays and other medical tests, require high-speed broadband. And distance learning, civic engagement, and smart energy grids require sufficient bandwidth. High-speed broadband allows physicians to share digital images with colleagues in other geographic areas. Schools are able to extend distance learning to under-served populations. Smart electric grids produce greater efficiency in monitoring energy consumption and contribute to more environment-friendly policies. Video conferencing facilities save government and businesses large amounts of money on their travel budgets. New digital platforms across a variety of policy domains spur utilization and innovation, and bring additional people, businesses, and services into the digital revolution.In the education area, better technology infrastructure enables personalized learning and real-time assessment. Imagine schools where students master vital skills and critical thinking in a personalized and collaborative manner, teachers assess pupils in real-time, and social media and digital libraries connect learners to a wide range of informational resources. Teachers take on the role of coaches, students learn at their own pace, technology tracks student progress, and schools are judged based on the outcomes they produce. Rather than be limited to six hours a day for half the year, this kind of education moves toward 24/7 engagement and learning full time. Universities’ knowledge should be commercialised, universities represent a crucial linchpin in efforts to build an innovation economy. They are extraordinary knowledge generators, but must do a better job of transferring technology and commercializing knowledge.
University licensing offices must speed up their review process in order to encourage the formation of businesses. Universities should think more seriously about innovation metrics so they allocate resources efficiently and create the proper incentives.Right now, many places count the number of patents and licensing agreements without much attention to the businesses created, products that are marketed, or revenue that is generated. They should make sure their resources and incentives are aligned with metrics that encourage technology transfer and commercialization.
An Einstein Strategy for Immigration Reform is needed. One of the most important challenges is a new narrative defining immigration as a brain gain that improves economic competitiveness and national innovation. A focus on brains and competitiveness would help an economy overcome past deficiencies in immigration policy and enable the country to move forward into the 21st century. It is a way to become more strategic about promoting long-term economy and achieving important national objectives. We need to think about immigration policy along the lines of an “Einstein Principle.” In this perspective, national leaders would elevate brains, talent, and special skills to a higher plane in order to attract more individuals with the potential to enhance innovation and competitiveness. The goal is to boost the national economy, and bring individuals to the country with the potential to make significant contributions. This would increase the odds for prosperity down the road.
These represent just a few of the examples of how scientific innovation booms recessed economy. Technology fosters innovation, creates jobs, and boost long-term economic prosperity. By improving communication and creating opportunities for data-sharing and collaboration, information technology represents an infrastructure issue as important as bridges, highways, dams, and buildings. Without science and technology,an economy is as good as dead.