American Innovations: Analysis of the Current Situation and the Future Prospects

Topics: United States, President of the United States, Federal government of the United States Pages: 7 (2440 words) Published: April 17, 2013
This paper deals with particular qualities and distinguishing features of the American innovation model. Statistical analysis of current situation on American innovation markets provides up-to-date information concerning the structure of the economy of the US. American economy is estimated as economy, based on innovation and new technologies. The paper analyses problems closely connected with distribution and adaptation of new technologies. Government policy of implementing, distributing and developing innovations provides detailed support to new projects and initiatives. Future prospects of “new economy”, based on innovations, are studied. Key words

Innovation, knowledge economy, innovation processes, private investments, venture capital financing, research universities.

In the conditions of modern world economy and development of the information-oriented society new technologies and innovations are both an indicator of a country’s influence in the world and a determinative factor of economical growth and prosperity. That is why; the problems and prospects of the innovation development of the biggest economy in the world play a crucial role not only for the United States but also for their rivals and supporters. The subject of the paper is new technologies and innovations in the US. Innovation – the process by which individuals and organizations generate new ideas and put them into practice – is the foundation of American economic growth and national competitiveness. The topic is the main features and mechanisms of American innovations and their place in the modern economy of the US. We suppose, that innovations change the structure of the American economy and develop the so-called “new economy”, which is based on information techniques and pioneering ideas, and it is the thesis. The work is topical, because innovative processes affect practically the whole economy and all of its industries – it can be seen in economic and statistical reports. Moreover, today new technologies become the part of people’s lives, implementing of new technologies has a wholesome effect on the country’s economy. Firstly, innovations promote the appearance of new industries, creating hundreds of new firms and thousands of new work places. Secondly, they attract investors, stimulate worldwide capital movement and encourage investment activities of private companies. The purpose of the paper is to follow up the mechanisms of the development of the “new economy” in the US. Our particular objectives are to expose the main problems of innovation development of the American economy and to evaluate the future prospect of new technologies and its implementing into real life. To achieve the objectives we solve several tasks.

First of all, we are going to analyze the current situation on the American innovation market and to examine President Obama’s Strategy for American Innovation. Our second task is to research the main mechanisms of implementing new technologies in the United States. Finally, we are going to evaluate future prospects of innovation techniques in the US. In spite of the paper’s significance, sources in this field is not systematized. In our paper we use both the works of American and Russian researchers, official data, provided by the Administration of the US President, annual reports of the President and statistical data from government portal

1.Main features of the innovation development of the American economy Innovations and new technologies are the priority directions of development of American economy. At present, the United States is the leader in developing and implementing new technologies. To explain the reasons of such leadership is important to dwell on the main features and mechanisms of the formation of the innovative economy in the US. The first feature is a structure of American science. There are three main elements: government, private sector and universities....

References: A Strategy for American Innovation. (2011). Washington DC: The White House.
Belinskiy, A. (2009). The US government initiatives in developing innovations (pp. 59-70).
Brynjolfsson, E., & Saunders, A. (2012). Wired for Innovation: How Information Technology Is Reshaping the Economy. N.p.: MIT Press
Economic Report of the President
Fiscal Year 2012. Budget of the U.S. Government. (2012).
Kochetkov, G. (2009). Innovation problems in the US economy (pp. 31-44)
Komkov, H., & Ivashenko, H
Statistical Abstract of the United States: 2012. (2012). N.p.: 25. U.S. Census Bureau.
Supyan, V. (2011). Changes in global economic landscape (p. 79). Moscow: The HSE publishing house
Supyan, V
The 2012 Statistical Abstract. Expenditures, Research & Development. (2012).
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Innovation Essay
  • Current Trends and Future Prospects in Robotics Essay
  • Swot Analysis of Facebook's Current Situation Essay
  • Walmart Problems And Future Prospects Essay
  • Current Situation of Airline Industry Essay
  • Current Situation of Pakistan Economy Essay
  • Essay about Icloud Current Situation Analysis
  • Innovation Essay

Become a StudyMode Member

Sign Up - It's Free