Rebuilding a Real Economy Unleashing Engineering Innovation: Summary of a Forum (2010) / Chapter Skim
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1 The Ongoing Crisis
1 The Ongoing Crisis
Pages 1-6
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Furthermore, unemployment remains distressingly high, especially for particular groups, such as high school dropouts and manufacturing workers. "A manufacturing worker in some places in Indiana or Illinois or Ohio is simply not looking for another manufacturing job, because they're quite clear that [the jobs]
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even if we did want to retrain them, we don't actually have a system by which we do that." Peter Diamandis, chairman and CEO of the X PRIZE Foundation, agreed that the United States has seen the collapse of key industries, especially in manufacturing. But he added that in recent years we also have seen the "seemingly overnight creation of billion-dollar industries." He pointed to seven technology areas that are now or soon will be in periods of exponential growth: artificial intelligence, robotics, nanotechnology, ubiquitous computing networks, medicine and the humanmachine interface, biotechnology and bioinformatics, and alternative energy and production systems.
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and reeducated in new paradigms and new industries that will redefine Peter Diamandis societies and determine standards of living for decades ahead. Other countries are well aware of the potential of new technologies and will pose daunting competition to the United States.
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"What we see going on in China and India and in a lot of other places is that they want to gain competitive position" as the economy recovers, but the United States today is not responding adequately to the ways globalization has changed the competitive challenge. Judy Estrin, former CTO of Cisco and author of the book Closing the Innoation Gap: Reigniting the Spark of Creatiity in a Global Economy, agreed that the world economy has become so interconnected, in part through the growth of the Internet, that the time frame in which people think about and react to new developments has shrunk considerably.
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We need to understand those consequences and take action to stem them." Tony Tan Keng Yam, chairman of the National Research Foundation of Singapore, executive director, Government of Singapore Investment Corporation, and former deputy prime minister of Singapore, placed the challenges facing the United States in a global context. Many countries, including Singapore, have invested heavily in the economy of the United States because of its track record of innovation and growth.
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Yet U.S. companies have become so focused on achieving short-term results that they are putting fewer resources into endeavors that may have only long-term payoffs.
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