New Perspective on Economy Debate

By: Katie Kershman

Economics. For many business students it’s just a class we took on our road to more interesting things. As graduating seniors we realize our economic classes were just the beginning of our economic exposure. It’s the driving force of many of our everyday lives; it’s why graduation fills our hearts with trepidation in addition to the excitement. Like politics, we can’t escape it in the media or the way it affects our everyday lives.

Despite all the noise surrounding the current economy, there is some really interesting information out there for looking to the future. One particular article I found really pinpoints an area through which individuals can improve their economic situation. It’s titled, “Creating an Economy That’s ‘Built to Last’” by James Dyson. I’ve given the actual link at the bottom of this page, but here’s a brief summary of the highlights I found most useful.

According to Dyson, President Obama believes the key to economic improvement hinges on our ability to invent new technology that consumers desire on a global scale. The article cites the successful economic times found during war production and the space race. During these times, the economy boomed from all the new technology and inventions being produced. Unfortunately, statistics show the United States and Britain are no longer fulfilling this need for new technology and inventions. Dyson lists several startling statistics:

  • According to the National Science Foundation 85% of new jobs created by research and development are taken overseas
  • Less than 4% of Engineering graduates are earned in the United states versus 56% in Asia also according to the National Science Foundation
  • 2009 Research and Development investments between the United States and China were matched despite the fact that the U.S. filed more patents than any other country according to the National Science Board’s report, Science and Engineering Indicators 2012

In summary, to improve the economy, companies need to invest in research and development through individuals found and educated domestically. What this means for us as business students? We may want to look into getting an engineering degree in addition to our business degree. That should be an easy guaranty for success right? But seriously, as we progress through our college experience, it’s important to keep in mind the economy and the best way to make ourselves marketable in this competitive time. As business students we understand the importance of education, learning new technologies, and partnering with companies that have invented new items to promote their products. Having the ability to engineer a new product does not mean you know how to bring the product to the market. As business students this is where we can fit into the market and make a difference for the future.

http://www.businessweek.com/printer/innovation/creating-an-economy-thats-built-to-last-01262012.html

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