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ECO100Y1 (431)
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University of Toronto St. George
Jack Carr

ECO 360 Notes Jan 27, 2008 1973-Airplanes, innovations 2003-bottom -Innovation now needs backward forward investment linkages. Large investment boost is needed. The current cycle we are in is lacking investment Automotive Industry is example of creative destruction Infrastructure projects have to all be important projects Down cycle-firm tries to retain all the good workers Lay off workers now, as recession deepens? Or the long term productivity. Debate: To go through or not with bailout Left wing-save the failing companies Right wing-creative destruction, free market Asset(housing, stock) markets are vulnerable to boom bust sessions -Central banks monitor CPI movements, not focusing on asset price movement No one is focusing on productivity and investment Fed should have had a tighter monetary policy, US now has huge deficit in trade The global breakdown is different currently, the upswing after 2003 was not led by innovation but by credit expansion who did not test risk of stock, housing market @Z}ZZZ}Z]LZZ o7}L[ZZ]]]L] ]LZ]LZZZ7}L[}]]o} Education is consumption -need retraining programs for jobs - 2}[ZZ}o}]L]L2}LKo} Griliches 1976-did a survey of American Industry, sales levels and r&d levels categorized by 5 size of firms 48% of sales were by top 2 firms(1B-10B firms) 76.5% of total manufacturing sales were by the biggest firms 81.3% of those biggest firms did r&d, small companies also had r&d, a company giving 1% of total sales yields a 1% in R&d US patents peaked in 1960-71:innovative activity in states
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