How to expand the US economy | MIT News

Source Domain: news.mit.edu

It’s an essential insight about our world: Innovation drives economic growth. For the U.S. to thrive, it must keep innovating. But how, and in what areas?

A new book co-authored by MIT faculty members focuses on six key areas where technology advances can drive the economy and support national security.

Those sectors — semiconductors, biotechnology, critical minerals, drones, quantum computing, and advanced manufacturing — are all built on U.S. know-how but are also areas where the country has either yielded a lead in production or innovation, or could yet fall behind.

As the book explains, a roadmap for U.S. prosperity and security involves sustaining notable areas of innovation and the national research ecosystem behind them, while rebuilding domestic manufacturing.

“In each of these areas, there are breakthroughs to be had, where the U.S. can leapfrog competitors and gain an advantage,” says Elisabeth Reynolds, an MIT expert on industrial innovation and editor of the new volume. “That’s a very exciting part of this.” She adds: “These areas are front and center for U.S. national economic and security policy.”

The book, “Priority Technologies: Ensuring U.S. Security and Shared Prosperity,” is published this week by the MIT Press. It features chapters by MIT faculty with expertise on the industrial sectors in question. Reynolds, a professor of the practice in MIT’s Department of Urban Studies and Planning, is a leading expert on industrial innovation and has long advocated for innovation-based growth that helps the U.S. workforce.

“All of this can be good for everyone,” says MIT economist Simon Johnson, who wrote the foreword to the book. “Out of that flow of innovations and ideas, we can create more good jobs for all Americans. Pushing the technological frontier and turning that into jobs is definitely going to help.”

Making more chips

“Priority Technologies” grew out of an ongoing MIT seminar by the same…

Source