Innovation, Patenting Fuels Economy
Arizona State University (ASU)The U.S. patenting rate is higher than ever since the Industrial Revolution, according to a new report issued by the Brookings Institution Metropolitan Policy Program, in collaboration with Arizona State University (ASU). Those cities that saw high patent levels within the last thirty years also yielded the largest increase in gross domestic product (GDP) per worker. Patent growth tends to intensify competition among industries. Authors of the Brookings report recommend streamlining existing programs and increasing federal support of innovation to improve the patenting process.