Edward Conard was the former partner of Bain Capital with Mit Romney, the Republican presidential nominee in 2012. In his book, Unintended Consequences, he states on page 71.” Innovation is the only way to keep our economy at full utilization…
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"Unintended Consequences" by Edward Conard
Some think it is random and based on America's entrepreneurial culture, but he argues it is based on the availability of risk financial capital. Is it one or the other or both? In my opinion, innovation in America is based on both America’s entrepreneurial culture and the availability of financial or risk of financial capital. Innovation is described as using knowledge to create changes in both the technical and organizational departments to create economic advantages for the said countries organizations incorporating it. It involves conducting new research into different field to create new products or enhance the quality of the already existing ones. America as country used the knowledge provided by innovation to obtain their desired productivity growth through such channels like developing new technologies, and absorbing and enhancing on both external and internal knowledge. America had the will, desire; spirit and vision which contributes to innovation making them explore different avenues of opportunities within the country. These were directed towards the economic, cultural and social sectors, and in the process they were able to develop resources and abilities that stimulated their growth into a first world country. Moreover, they used their ideas in transforming ideas, services and financial resources they use in sponsoring and conducting different projects across the country.
The availability of financial or risk of financial capital significantly contributed towards the development of America’s entrepreneurial culture. Innovation as a process entails trials and mistakes that require financial risk and resources. Capital plays a significant role in the production of goods and services and without it; the process of production is incomplete. America as country was blessed with capital availability and accessibility thus its innovation process was simplified as they used the capital in purchasing for raw materials and resources that were needed to finish the different innovation processes they were conducting in different sectors within the country. The country was has also been successful because of the financial risk they have taken in their innovation sector. The sources of this finds were diverse like revenues and bank financing. This enabled America to acquire new ideas and enhance them into suitable good and services for their own use and benefit. Question 2 What is Conard's argument that the U.S. trade deficit is a good thing because it provides the U.S. with plenty of risk-adverse short-term financial capital? On the other hand, he thinks this is a problem because that money is difficult to use to support innovation and therefore financial institutions should be able to buy government insurance(rather than get it for free). Explain what he means by all of this. Trade deficit refers to a situation where a country imports more good than those which she exports. It significantly affects the country’s balance payment. According to Conard’s argument, the U.S trade deficit is a good thing because a rising trade deficit is associated to growth in the U.S economy. The deficit leads to a balance of trade in any economic situation. Deficit in trade allows for country to export more products to other neighboring countries and in the process creates new jobs for the unemployed and also creates a demand for a good or a product. Moreover, price competition is promoted by trade deficit and
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