Professor Joshua Gans has written an excellent piece on President Obama's announcements about the US National Innovation System (which includes making their R&D tax credits a permanent feature) over on the economics.com.au site.
I am curious as to what signals the Australian Innovation System Review process, now formally a part of the budget, will take from this lead in terms of targets and priorities. I suspect that the environmental and sustainability challenge will be taken up in earnest by other parts of government, but the tenor of Venturous Australia was change, enunciating priorities, and goals and investment for the future.
This is the time for counter-cyclical stimulus and innovation (as an economic public and private system) is one of the best places to invest.
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