FEDERALhearing transcript

Joint Economic Committee Hearing: How Innovation Drives Economic Growth

Original title: HOW THE INNOVATION ECONOMY LEADS TO GROWTH

January 1, 2018

economic growth innovation productivity GDP technology policy

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The Frame

What this does

The hearing provides a record of the legislative debate regarding the relationship between federal tax and regulatory policies and national economic performance, which informs future economic policy decisions.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

U.S. Taxpayers

Economic policies discussed in the hearing may influence national growth rates and employment opportunities.

Private Sector Businesses

The hearing examined how regulatory and tax environments impact the ability of businesses to innovate and increase productivity.

What changed

Last recorded activity January 1, 2018.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a 2018 Joint Economic Committee hearing where members of Congress and economic experts discussed how technological innovation and productivity gains contribute to U.S. economic growth. The hearing focused on the role of private sector ingenuity and the impact of government policy on fostering an environment for invention.

Key Facts

The hearing took place on April 25, 2018, in the Hart Senate Office Building.
The committee discussed the impact of tax and regulatory relief on GDP growth and job creation.
Chairman Paulsen cited a March 2017 McKinsey Global Institute report stating that advanced economies rely on productivity gains rather than labor supply increases for growth.
The committee heard testimony from four expert witnesses representing various economic and policy research institutions.
Representative Maloney submitted an abstract titled 'Who Becomes an Inventor in America? The Importance of Exposure to Innovation' for the record.
Witnesses provided written responses to follow-up questions submitted by Representative Maloney.

Why It Matters

Frequently Asked Questions

What was the purpose of this hearing?

The hearing was held to examine how innovation and technological advancement drive economic growth and productivity in the United States.

Who testified at the hearing?

The witnesses included Dr. Harold Furchtgott-Roth, Dr. Michael R. Strain, Mr. Mark P. Mills, and Dr. Darrell M. West.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Focus on Productivity over Labor Supply

The committee emphasized a shift in economic strategy toward productivity gains as the primary driver of growth, citing McKinsey research.

McKinsey Global Institute

Connected Entities

personMark P. Mills“Witness, Senior Fellow at the Manhattan Institute”Map →

organizationJoint Economic Committee“Congressional committee hosting the hearing”Map →

personMartin Heinrich“Ranking Member of the Joint Economic Committee”Map →

personHarold Furchtgott-Roth“Witness, Director of the Center for the Economics of the Internet”Map →

personErik Paulsen“Chairman of the Joint Economic Committee”Map →

personDarrell M. West“Witness, Vice President at the Brookings Institution”Map →

personMichael R. Strain“Witness, Director of Economic Policy Studies at AEI”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance40
How much this matters to a regular citizen
Controversy20
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz10
Current news / social attention level

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