Innovate Out of the Economic Downturn

A crisis is precisely the time for governments to boost spending on innovation, not cut it. Otherwise, nations will find themselves playing catch-up

The Austrian economist Josef Schumpeter once declared that economic downturns are "a good cold shower for the economic system." Economic downturns can have positive effects; they force companies to increase their efficiency, cut waste, and strive to do things in smarter ways.

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