Article by Marco Annunziata on 06 Jan 2013
Dr. Marco Annunziata,Chief Economist and Executive Director of Global Market Insight, General Electric Co. Dr. Annunziata holds a PhD in Economics from Princeton University and a BA in Economics from the University of Bologna.
This article is published here in by permission of Vox. (voxeu.org)
Today’s technological innovation is regarded by many as all about social media and entertainment, with no impact on economic growth. This column argues that such skepticism is premature. A closer look at selected industries suggests that the ‘industrial internet‘ – a network that binds together intelligent machines, software analytics and people – through accelerated adoption of sensors and software analytics, will have a powerful impact on productivity and growth.
The largest advanced economies are struggling with weak growth prospects and daunting fiscal challenges. Looking at the macroeconomic equation, there is no easy way out. Looking at the microeconomic level, however, suggests that it is innovation that might come to the rescue.