Editor's Note: The following post comes to us from Daron Acemoglu, Professor of Economics at MIT; Ufuk Akcigit of the Department of Economics at the University of Pennsylvania; Nicholas Bloom, Professor of Economics at Stanford University; and
Guest blog post by Matthew S. Erskine, U.S. Deputy
Assistant Secretary of Commerce for Economic DevelopmentToday,
I had the pleasure of joining U.S. Congressman Nick Rahall at Concord
University in Athens, West Virginia to formally announce a major EDA investment
to create a new EDA
University Center in Southern West Virginia. Following the announcement,
Congressman Rahall and I engaged in a roundtable discussion with regional
businesses leaders to discuss strategies to foster local growth and increase
Rahall was instrumental in helping Marshall
University, Concord University, and the Robert C. Bird Institute for Advanced
Flexible Manufacturing partner and apply to join the U.S. Department of
Commerce Economic Development Administration’s (EDA) University Center program
– a competitive initiative that awards grants to universities across the
country to help makes the resources of these institutions available to the
economic development community.
Rahall said, “Placing faith and funding in American higher education is nothing
new. In fact, it has a proven track record that continues to be the envy
of the world. Not only did our land grant colleges and universities usher
in the greatest agricultural economy the world has ever known, the first G.I.
Bill equipped the greatest generation with the tools that crafted the world’s
largest economy. Our training grounds,
workshops, research, and product development revolve around an alliance of
business, industry and universities.”
Green said the Treasury had the ability to fix the system so that the Government always receives the same tax take from retailers whatever the state of the economy, and this must change.
In a strongly worded attack on the present system, the proprietor of Topshop owner Arcadia said that the Government deliberately inflated rates despite the fact that rents were falling because of the poor state of the economy. He called for both a rates freeze and a “rates holiday” for small shop owners.
Guest blog post by John Fernandez, Assistant Secretary of Commerce for Economic DevelopmentLike
President Obama, the top priority of the U.S. Department of Commerce’s new
Secretary John Bryson is jobs. Advancing innovative economies is key to achieving
sustainable job creation.
traveled to Columbus, Ohio to address innovators, technology business leaders
and economic development professionals to discuss ways to accelerate America’s innovation
economy to create good jobs and increase our global competitiveness.
I was joined by my colleagues Phil
Singerman, Associate Director for Innovation and Industry Services at the National
Institute of Standards and Technology and Sean Greene, Associate Administrator for
Investment and Special Adviser for Innovation at the Small Business
Administration at a conference hosted by State
Science & Technology Institute (SSTI) – an organization that seeks to
improve the economy through science and technology. We discussed how under President Obama’s
leadership federal agencies are making the smart investments needed to promote
American innovation and support entrepreneurship and small business
On Tuesday, Secretary Bryson and other U.S. government
officials had a valuable conversation with senior European Union (EU) leaders
on ways to cooperate and achieve the Obama administration’s National Export
Initiative (NEI) goals. Since the EU is America’s largest trading partner, they
are key to meeting the ambitious goal of doubling exports by the end of 2014.
The economic relationship between the EU and the United
States is the largest and most dynamic in the world. The combined gross
domestic product accounts for more than $30 trillion – roughly 40 percent of
global GDP – and more than 800 million consumers. In 2010, bilateral trade in goods
and services surpassed $873 billion. With this relationship so vital, in April
2007 the Transatlantic Economic Council (TEC) was established to provide
Cabinet-level political guidance for implementation of specific work programs
like intellectual property rights protection and regulatory cooperation.
Tuesday’s discussions made it clear that both the United
States and the EU recognize innovation to be the main driving force for
continuing this economic success and creating more jobs. In his comments, Secretary
Bryson noted that the innovations created through the partnerships of American
and European companies can be a greater catalyst for new jobs than innovation
done without such collaboration. The Commerce Department is currently working
tirelessly in that vein, developing transatlantic links between companies and
U.S. Commerce Secretary Gary Locke was joined by North Carolina
Governor Beverly Perdue at the University of North Carolina at Chapel Hill
today to participate in the first town hall-style public forum of the National
Advisory Council on Innovation and Entrepreneurship (NACIE) and discuss the
importance of education to U.S. competitiveness.
At the meeting, NACIE subcommittees presented updates to Locke and the full
Council on their work developing recommendations on how to better incentivize
innovation and entrpreneurship to help America win the future by
out-innovating, out-educating and out-building our economic competitors.
Incorporating a wide range of stakeholder input, reports included initiatives
to develop new cross-college, cross-disciplinary educational programs that
connect business with science, math, technology and engineering fields and
extend these programs to young people in underserved and low-income areas by
involving community colleges in consortia for training and mentoring in
innovation and entrepreneurial activities.