Why is innovation important?

This transcript is for the video Why is innovation important?, which appears on the IP Australia's YouTube channel.

Why is innovation important?

Ben Mitra-Kahn, Chief Economist, IP Australia

Innovation is important because innovation drives productivity growth. Productivity growth is what determines out long term prosperity. It determines our wellbeing in the future. And that’s really the aim of economic policy at the end of the day. Now we can add more labour and capital, but ultimately in the modern world it’s innovation that drives productivity. That’s why it is key for us.

Last updated: 
Tuesday, April 5, 2016