Wednesday, October 12, 2011



The New Economy Problem: Deficit of Innovation

America was conceived, constructed, and built on the shoulders of great innovators. Who, or more importantly, will there be any more great American innovators like Alexander Graham Bell, Henry Ford, or even the great apple guru Steve Jobs whose life was recently cut too short due to cancer? What we have is a new economic problem which is a deficit of innovation and new thinking.

Some might call Steve Jobs one of the last great American innovators. Besides a few newcomers to the game like Facebook creator Mark Zuckerberg who is going to rise up from Generation Y to build the new America?

I’m not saying we don’t have innovators, on the contrary. It’s just that old baby boomers are winding down their careers while new Generation Y workers (born from 1976-2001) are frustrated that their having trouble getting jobs like their parents did more easily. Many of this new generation have been told that as long as they do their due diligence and get a college degree they will have a cushy high paid career waiting for them.

Movements like the Occupy Wall Street protests currently raising new issues about elitism among the richest bank CEO’s and they special treatment they received with government bailouts when the rest of America’s citizens suffered. Some like Herman Cain have written them off as a spoiled group of privileged college kids and hipsters while others like celebrities have supported their cause.

Whichever side of the political argument you are, the truth is somewhere in between. The economy is in a deep recession like this generation has never seen. There’s no doubt about it. However, there is a paper trail we can review for this point in history to find out how we got here.

It’s true that Americans as a whole are depressed economically and are barraged with negative economic news daily. This has really hurt the psyche of the great American innovator in all of us. I do believe if given the proper circumstances and support, many more young people could rise up and create the new economy. Is today’s young generation up for this challenge? Some would say no.

While Generation Y, a force of 70 million, grows up and enters in the workplace, and advances, some would say there are not as driven to create as their parents. This young generation is information and technology savvy. They want to work but don’t want it to be their life. They also are the most college educated generation of all time however this isn’t translating into jobs especially recently.

This lack of a strong work ethic could hurt future American innovation. Today’s young people are very intelligent but put more resources into social media and popularity than ever before. Much of this is due to nurture. Today’s young generation has been raised in a much more image conscious society than ever before. This is the age of smart phones, the mindless internet video of the day, and over stimulating young minds with sex.

This has been destructive to the new workforce and I believe we are already seeing the effects. One issue may be the population as birth rates have been down dramatically in the last 20-30 years depending on the source you look at. However, I believe the actual problem is not related to numbers but instead to the volume of entrepreneurs. Before the industrial age there wasn’t the infrastructure we now have. Americans had to create a lot of the ideas they had.

Nowadays, much of the infrastructure already exists and our quality of life is significantly better. The future of our innovation will involve rethinking and rebuilding our infrastructure, however, the new innovative economy will largely involve information. This is the information age and the next great innovators are creating new ways to deal with information.

This is commonly seen on the internet, but it needs to expand to all other industries. Online media has already infiltrated nearly every facet of businesses, however for the new generation to truly innovate they need to take it to the next level. The next great innovations will involve advancements in the way we think, our corporations think, and how we internationally think.

Facebook is a great example of this. Information Technology that harnesses information and allows for new ways to interact effectively will be one of the largest sectors of growth. The next social media innovation, if it’s even called that will make even Facebook seen as a thing of the past.

There’s no questioning that America has lost its way. America’s new generation as a whole can tend to be too lazy, vain, too over-sexed, and perhaps are focusing too much energy in the wrong areas of their life that are not conducive to creation. I’m confident there will be many more great thinkers, but the new deficit of innovation is a truly historic economic problem. The real problem however, is how to solve it?


http://ezinearticles.com/?The-New-Economy-Problem:-Deficit-of-Innovation&id=6622651

-Justin Mohs, Author - Ezinearticles.com

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