Dynamic innovations: key to EU- US Economic development

Development has been the major policies of most advanced countries; the only difference is the system the policy makers of each country have been able to implement the policies of innovations. The U. S. is one of the countries that have taken policy of R & D as its major policy. Although most EU countries adopt innovation policies in their programs, most of them still lag behind in the funding of R & D. The European Innovation Scoreboard of 2007 shows the gap between EU and U. S. in the innovation policies.

Although EU has been constant in financing the R & D since 1996, but U.S has gone further in improving the funding of innovations. Nevertheless, the scoreboard of 2007 still shows that many western countries have been strengthening research and educational policies by funding universities and research. U. S. continues to have an edge in innovations compared to other EU countries. Both the United States and the European Union have common goals in setting worldwide leadership of science and technology. Although the U. S. may be leading in most input and output indicators, they must have target in their goals to lead the world in Research and development and other Intellectual property.

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The innovation scoreboard of 2007 has revealed that the EU has taken the lead in few metrics but U. S. is still leading in most qualitative indicators in the fields of research and development. Thus, in this new global era, the U. S. -E. U. economic relationship still remains the largest and in the world. Daily, millions of consumers, producers and workers benefit from the mutual relationship of the two blocs. There are indicators that the two blocs have more to benefit by increase funding on innovations and to further increase developments in their countries.