Question

1) Identify three U.S. Government policies and explain briefly how they encourage innovation.

2) Should college and graduate school be a public and/or private good? WHY?

Please I want both to be answer!!!

Answer 1

Answer (1) : In economics, innovation can be described as the evolved, better and unique application of the available resources to produce better quality or quantity of output in a limited period of time. However, innovation is generally also defined as the creation or development of a new idea or thought process that leads to the derivation of a new method to achieving a particular goal. Governments can play a very key role in encouraging innovative mindset among the people, which could lead to a fast-paced developing society. Let us discuss three of the key policies of the U S Government that has helped in the society in developing an innovative mindset.

The US Government has put in a lot of effort in the modernization of the education sector of the country. The Government has encouraged the implementation of new and sophisticated training to the school and college students depending on their study level, workshops are being organized and the students are practically shown the study material in real life. Much importance is given in the imparting of proper science, mathematics, and technological education to the students. All these steps encourage the students to focus on innovative study.

Another key policy of the US Government is the globalization of the industrial sector. This policy has already start bearing the fruit of innovative storm in the country. The Government ensures that the industrial sector of the country is not limited to the boundaries of the US territory. The Industry are promoted to go outside and set up branches in International markets. This results in the industries getting to know the foreign countries and their cultures and the nature of the foreign industrial growth. This helps them in gauging the true innovative thinking which leads to new ideas being generated.

Yet another critical aspect of the Government innovative push can be understood by its huge initiative to invest in research and development activities in the country. The US Government has latest invested huge amount of money in promoting new research throughout the country. This investment goes down from the top nuclear research programs to the initial level research in the colleges. This investment creates and generates more opportunities and induces a sense of belief in the Government that it is backing the individuals to study and carry on with their research, and in some cases even cash and other material rewards are being given to the ones who excel. This has far reaching implications in inciting innovative thinking among the masses.

Answer (2) : Educational institutions like college and graduate schools should be semi-public, i.e. a mixture of both public and private good. If these educational institutions are only public goods, then they lack the initiative of the government in the proper upkeep of the public schools and colleges. They even lack the basic infrastructure. But what they excel in is following the rules of the society and the traditions. On the other hand, being only private goods also has its own merits and demerits. Being only private good will have all the basic and more than adequate infrastructure available for the students, these private good institutions will have the best faculty and good placement initiatives. However, what they will lack in is the grass root level knowledge and the keenness to impart the true education which could change the thought process of the students. Therefore, it is imperative that educational institutions like the College schools and gradate schools should be both public and private good, i.e. a mixture of both.