How Big Finance Crushes Innovation and Holds Back Our Economy

By Lynn Stuart Parramore

July 22, 2013  |  Author's note: This post is based on papers presented and remarks made during a *conference panel I moderated featuring William Lazonick of U Mass-Lowell, Jan Kregel of the Levy Institute and Damon Silvers of the AFL-CIO.

 

Whatever happened to innovation in America? President Obama told us that our future depends on it [3]. Across the political spectrum, everyone pretty much agrees that innovation is vital to prosperity.

So why aren’t we getting the job done? Clearly, we’re in desperate need of clean technology that won’t poison us. Our information and communications systems are not up to snuff. Our infrastructure is outdated and crumbling before our eyes. We’re not investing enough in these areas, and it shows. Yet they’re necessary not only for America’s economic health, but for stability and prosperity around the globe.