Policy: Economy

The innovation deficit

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(www.bostonglobe.com) Sequestration has hit Boston-area universities and hospitals hard: Massachusetts received $125 million less in federal funding for medical research in 2013 than it otherwise would have. Such cuts translate into lost jobs today and slow the process of innovation that produces future jobs. Innovation is fueled by a long-time partnership between the federal government and the nation’s scientists and engineers. Since World War II, federal funding for science has led to important technological breakthroughs and contributed mightily to our national defense. Over the long term, as much as three quarters of economic growth may be attributable to innovation and technological change. This effect has shaped Greater Boston, particularly in recent years.

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