Economic Growth Hinges on 'Frontier Economics'
Was the era of free markets brought down by the global financial crisis that rocked economic stability in 2008 and beyond? No. In fact, economic growth is even more reliant on free, competitive markets than it was before – according to a report released last week by the Kauffman Foundation and Brink Lindsey, senior scholar in research and policy.
Frontier Economics: Why Entrepreneurial Capitalism is Needed Now More than Ever focuses on the evolving requirements of economic growth as countries grow richer. “Imitative growth,” which comes from applying existing knowledge, becomes less important; “innovative growth,” which comes from new ideas, becomes more important. The world economy has entered an era of “frontier economics,” Lindsey says in the report, as growth is increasingly something that takes place at the technological frontier.