By Rebecca Strauss and Edward Alden in Quartz
Management theorist Peter Drucker famously declared that companies must “innovate or die.” Washington today is full of similar warnings, based on the premise that the US is losing its innovation edge. The fear is that industrial and technological advancements in other countries—and in China in particular—threaten to leave us behind.
In fact, the overwhelming evidence suggests that the US still has an advantage in supporting high-growth industries and scientific breakthroughs. But that’s not to say the country should rest on its laurels. There are serious problems with the patent system, immigration law and “basic research” that could hurt the US down the line.