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Should any U.S. economic stimulus package include an emphasis on spending to promote innovation — such as investments in the country’s digital infrastructure? That’s an argument some are making, according to a recent article in The New York Times. One notable quote in the article was from an interview with Nobel-prize winning economist Joseph Stiglitz of Columbia University. Stiglitz observed:
Bailouts…are aimed at correcting the mistakes of the past, so they are backward-looking. We would be much better off spending our money forward-looking. If we spend $700 billion on new technology and innovation, we’d have a stronger, new, real economy. Up to now, the discussion has focused on the sectors that have been mismanaged rather than the sectors that are creating our future.