Ufuk Akcigit, John Grigsby, Tom Nicholas, 02 February 2017

A pressing issue facing policymakers around the globe today is how to generate long-term economic growth through technological innovation. Using a new dataset that matches 19th and 20th century patent records with census data, this column attempts to shed some light on the ‘golden age’ of US innovation. Population density and financial development are found to be important determinants of state innovativeness, while education appears to be the critical input at the individual level. These findings have important implications for innovation policy today.

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