Gregory Tassey, Economic Policy Research Center (EPRC), University of Washington, US

• ContentsPART I THE NEED FOR A NEW ECONOMIC GROWTH POLICY1 Globalization and economic decline 22 Feeble policy responses that do not increase economic growth 293 Building policy in all the wrong places 60PART II THE STRUCTURE AND MANAGEMENT OFTHE TECHNOLOGY-BASED ECONOMY4 Investment and economic growth 745 Managing economic growth: the technology element model 846 The first three elements of the TEM 1057 The fourth technology element: high-tech infrastructure 1318 Managing the technology life cycle 154PART III INFRASTRUCTURE IN THE HIGH-TECH ECONOMY9 The materials genome initiative 17910 The internet protocol 198PART IV ADAPT OR DECLINE: REGIONALTECHNOLOGY-BASED ECONOMIC DEVELOPMENT11 State Technology-Based Economic Development (TBED)strategies 20612 Globalization of TBED: challenges and policy responses 236PART V THE FUTURE OF ECONOMIC GROWTH POLICIES13 The future of TBED policies 257References 272

‘Gregory Tassey makes an impassioned argument for the U.S. to shift away from the short term economic dead end of monetary policy to a new growth oriented technology investment strategy. At the core of this new strategy are four factors: technology, capital formation (both hardware and software), skilled labor and a range of technical infrastructures. Without significantly growing investment in these factors, a future of rising income inequality and low growth will likely prevail, with profound consequences for our democracy. Tassey makes his strong case clearly and with solid supporting data. Policymakers need to seize these recommendations.’