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Production in the Innovation Economy$
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Richard M. Locke and Rachel L. Wellhausen

Print publication date: 2014

Print ISBN-13: 9780262019927

Published to MIT Press Scholarship Online: May 2014

DOI: 10.7551/mitpress/9780262019927.001.0001

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(p.1) 1 Introduction
Production in the Innovation Economy

Richard M. Locke

Rachel L. Wellhausen

The MIT Press

This chapter introduces innovation as a rationale for why manufacturing still matters to economies like that of the United States. Producing new goods relies on the capability to prototype rapidly, to iterate, to scale up, and to perform after-market services. Without access to these capabilities, firms, industries, and even national economies cannot take full advantage of their ability to innovate. Thus, an innovation economy continues to benefit from manufacturing capacity and ecosystems of suppliers, customers, and labor market institutions that facilitate manufacturing capacity.

Keywords:   Innovation, Production, Competitiveness, Industrial ecosystem

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