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At a time of rapidly changing industry, with potentially huge consequences for society, governments face a dilemma of how to incentivise entrepreneurship and innovation while at the same time ensuring that innovation benefits society as a whole.
According to new research published in The Economic Journal by Dr. Maik Schneider of the University of Bath's Department of Economics, innovative entrepreneurship and inclusive growth can be reconciled when governments invest in science and increase the taxes for both labour and profit taxes at the same rate.
Study - Colleagues - Professor - Hans - Gersbach
The study, which also involved colleagues Professor Hans Gersbach and Dr. Ulrich Schetter, considers new policies to adapt to the fourth industrial revolution where breakthroughs in technology are expected to yield major improvements in our lives, yet could do so while threatening jobs and also bringing dramatic and widespread societal changes. The fourth industrial revolution, characterised as the fusion of technologies and new cyber-physical systems like AI, is dubbed the most promising yet also the most threatening era of our time.
Their paper highlights how science is a pivotal factor to its success and how governments in the developed world plan to invest heavily in related research to place their economies in a leading position to harness the gains of the innovation that will accompany it. In 2018, the UK government, announced a £500 million investment in scientific research around artificial intelligence and robotics – the AI Sector Deal. Nonetheless, the private sector accounts for a large share of marketable innovations, and governments hope that...
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