There is virtual unanimity that mastery of emerging technologies is key to prevailing in the 21st-century geopolitical competition. And as Russian President Vladimir Putin warned, whoever becomes the leader in artificial intelligence (AI) ¡°will become the ruler of the world.¡±
Consensus quickly breaks down after that. There isn¡¯t unanimity on which technologies matter or how to ¡°master¡± them. There is widespread enthusiasm about ¡°innovation,¡± with a resulting flurry of government activity to fund and spur that creativity. This could be the wrong approach, however. Success in the tech competition won¡¯t be the product of entrepreneurs fueled by an idea and the prospect of a big initial public offering toiling away in garages and incubators. Governments should instead focus on diffusing new technologies throughout the economy. It¡¯s a marathon, not a sprint.
Innovation has been the main driver of long-term economic growth since the Industrial Revolution. New ideas increase productivity, freeing up some resources while generating new uses for others. Growth ensues, value increases, wealth is created.
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