The answer to that puzzle and others were explored during a recent forum on the relationship of innovation to economic growth at the Hoover Institution. But what is the relationship between innovation and markets, productivity, and inequality? Why? Some economists argue that China’s lack of free markets and unencumbered innovation in the West led to the shift. But by the 19th century, the U.S., Western Europe, and Japan had leapfrogged over China by churning out goods and services in vast quantities while the former superpower stalled. In 1500, China’s economy was the strongest in the world. How do you measure innovation, and how does it impact the economy? Three Stanford scholars discussed those questions and more during a recent panel discussion.
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