The economist William Baumol once suggested that “virtually all the economic growth that has occurred since the eighteenth century is ultimately attributable to innovation.” Given the overwhelming evidence of the critical importance of research and innovation to prosperity over the last three hundred years, it is difficult to argue with the fundamentals of that statement. That is why an independent review into research and innovation in Wales, commissioned by the Welsh Government and published this week , should be welcomed by everyone who wants the Welsh economy to succeed. Written by Professor Graham Reid from University College London, it is probably one of the most important policy documents to come out in recent years, and sets out clear and unequivocal recommendations as to how Wales can stay ahead of the game in terms of ensuring that it not only grows its research base but that it makes a vital and continuing contribution to economic prosperity. The good news is t...
Entrepreneurship, innovation and the economy