Asia’s High-Tech Boom Is Good for Us, Too-华尔街日报

We should cheer the development of Asian innovation, not cry about it. In the long view, the benefits to scientific progress, economic growth and political stability far outweigh the short-term threat to Western high-tech supremacy.

The threat is real, to be sure. From 1993 to 2006, the U.S. saw a respectable 24% increase in the number of science and engineering Ph.D.’s graduated each year. But South Korea experienced a 189% jump over that period, and China gained by more than 1,000%. China almost certainly now produces more highly educated scientists and engineers than the U.S. does.

Numbers aren’t the whole story, of course. To create truly valuable innovations, it’s not enough to know a lot: You also must be able to apply book smarts creatively to solve real problems. Universities in the U.S. and Europe are still the best at turning bright students into productive inventors.

As an economic strategy, copying makes sense when your main competitive advantage is cheap labor. But the exponential growth of cellular phone networks holds an even more important lesson for Asian economies: If you’re smart, you can skip a few rungs on your way up the value-creation ladder. Many countries around the world never built full land-line phone systems; they jumped straight to cellular.

All over Asia, political and business leaders are thinking about similar shortcuts to a technological economy. There are two basic ingredients: battalions of well-educated and strongly motivated inventors, and a patent system that ensures companies can earn a return on their investments.

All across Asia, you can find similar explosions in inventive productivity. From 1989 to 2009, the number of U.S. patents filed by inventors in Taiwan shot up 1,138%, filings from Singapore rose 3,211%, and South Korean patent applications soared by 3,846%.
We also need to keep in mind that the arrival of Asia as a first-class partner in technological progress will be good for the West on many levels. It will strengthen the middle class in Asian countries, expand the bonds of trade and set the stage for more robust economic growth across the globe. And it will create a wider circle of nations capable of contributing to the next breakthroughs in nuclear energy, a manned mission to Mars and other giant milestones of technology.
Not only US should not be nervous but fully embrace it to make it easier for Asia, especially China, to mass produce its ideas /innovations. This will boost up the entire world productivity in a way bigger than anything else

via Asia’s High-Tech Boom Is Good for Us, Too-华尔街日报.

This entry was posted in China Economy, Human Economics, The Untold China Stories. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s