These are good times. Economic growth and worker productivity rates are high both in the United States and abroad. Indeed I am an optimist, but I am also concerned that not enough is being done to ensure that the good times continue. Just as it seems unnecessary to repair a leaky roof when the sun is shining, it is often difficult to change when things are going well. But I think that now is the best time to prepare for sustainable expansion.
Surely growth is enabled by democracy, rule of law and fair competition.
And as information technology diffuses globally, high productivity seems almost certain. With these factors set, innovation and entrepreneurship emerge as key drivers of growth in the 21 st century. Our capacity to innovate and create new wealth as entrepreneurs depends on capturing value from new ideas and managing the risks of change. These conditions are dynamic, but not unmanageable. The proven control levers for managing the dynamics of innovation and entrepreneurship are ideas, people and institutions .