Innovation and Productivity in Canada - Research Paper

2021-07-02 09:42:07
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Harvey Mudd College
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Research paper
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It is important to state that the levels of production in Canada have been declining over the past years. The situation has led to the dismal performance of the levels of growth of the countrys gross development product as well as the income per capita. For instance, the standard of labor productivity in the country has declined, and this has hampered the ways through which the country competes against some of the worlds top economies. It is critical to state that those of countries like Australia, Sweden, and Norway among others have surpassed the level of productivity over the recent past (Alini, 2013). The decline in the standard of productivity has equally affected the various economic operations in the country such as the levels of unemployment and the rates of inflation. Having a positive labor productivity growth in a country is critical in enhancing the various economic activities of the country. At the same time, It plays a vital role in improving the ways of lives of people as improved levels of productivity has the ability to instigate the levels of employment. Improvement in the levels of employment plays the role of improving the standards of living among the citizens of a country. The most important aspect when it comes to the process of determining the level of per capita income of a country is the productivity. Having high levels of productivity ensures that the goods and services produced in the country are measured as they are readily sold to the consumers both within the country and within the foreign countries (Hodgson, 2013). Consequently, it has a huge reflection on the ways through which the country performs in the global economy.

While increasing the productivity levels in Canada, it is imperative to improve the levels of innovativeness in the country. The sole reason as to why the country has been lagging behind when it comes to the level of its production is the lack of innovation. If the state adopts innovative mechanisms, through which it quickly adapts to the ebb, its levels of production will augment tremendously. On the other hand, the manner through which other countries across the globe apply technology in undertaking their operations improves. In addition, the move will play the active role when it originates to boosting performances of the country in the world economy thereby making the citizens of the country improve their standards of living. For instance, the labor productivity can be enhanced through the application of the modern and technological instruments in improving operations of the various activities in the country (Innovation Canada: A Call to Action). It is a means that will enhance the levels of production and ensure that the final products are not only appealing to the needs of the clients but also of high quality. Consequently, the demand for the properties and amenities that are fashioned in the state will be on the rise and the country will record more sales, which will enhance the economic growth. When the economy of the country grows, the standards of living among the people will also improve, and the level of per capita income of the nation will augment. It is important to note that the aspect of instilling innovation in the production process in the country will make the country to be very competitive in the global economy and this will enhance the growth of the economy of the country as compared to the other nations across the globe (Cohen, 2015).

Canada as a country faces several impediments in the course of addressing the problem of the lack of innovation in its production process. According to McFetridge (2008), the issues can be resolved amicably to enhance the ways through which the country effectively embarks on its output enhancement through innovative means. One of the strategies to address the issue is through spending more financial resources in advertising the products that the various firms in the country produce. By spending more on these firms, the country takes the business sector to a higher level of exposure whereby new entrants and players in the sector are given a head start to exploration and exposure into the sector. It will make the products to plea to the probable customers in the market place and enhance bulk of auctions that they make. Two, it is equally important for the companies in the country to purchase the high quality and modern equipment that will enhance the ways through which the firms undertake their production processes (Cohen 2015). The move will make the final products of the companies to be desired and entreaty to desires of impending consumers in the market place leading to increment in sales volume achieved in the market. Thirdly, the country needs to acknowledge that the intensity of the levels of competition in the global economy is on the rise hence the need to up their game in the market through the introduction of various innovative mechanisms that will consistently appeal to the needs of the clients across the globe. Lastly, the move can also be realized through the ensuring that the firms in the country take full advantage of the technological opportunities to enhance their business operations (McFetridge, 2008). It is through these means that the firms will get to receive the full benefits from the innovative ideas that come along with the existence of modern technology in the market.

According to Alini (2013), post-secondary education has the critical role to play when it comes to the process of enhancing the countrys productivity challenges. It is because the students who have acquired the modern system of education can make good use of the existence of the modern technology to be very innovative in the manner through which they come around with the new ideas. It is aimed at improving the already existing mechanisms of undertaking the production of goods and provision of services in the economy. The various firms in the country need to give the new graduands and post-secondary students the opportunity to apply their innovative ideas and come up with the creative ways through which the levels of production can be achieved in the country (Myers, 2010). Moreover, the post-secondary students are very energetic, and they will increase the degree of production that is realized currently by various firms across the country. It is for this purpose as to why the post-secondary education has to play the vital role in ensuring that innovation introduced into the systems through which the various production processes are undertaken in the different establishments within the country. It will improve the manner through which the productivity of the various belongings and amenities are realized within the nation. The volume of sales will grow due to the introduction of innovativeness into the production mechanisms, and this will improve the net revenues that the country will record through its business operations within and outside the country (Niosi, 2008). Consequently, the performance of the countrys economy will also increase leading to the improvement in the standards of living among the Canadian citizens. On the other hand, industrialization and agricultural activities will grow as the country experiences new discoveries of entrepreneurship from and amongst the growing population.

Productivity and innovation in a country largely depend on the governance and the leadership of the country. A peaceful and environmentally friendly nation tends to experience a wide array of innovative projects and ideas. With a determined and progressive government, Canada is poised to experienced tremendous growth, especially in the art and business sector. The two represent areas where a majority of the countrys population has great interest as they fall within the grasp of the countrys backbone. It is no doubt that the majority of the young population has an interest in art and entrepreneurship, two classes of important sectors of the economy. While it begets the government to invest heavily in its youth, the younger population has what it takes to uplift the productivity of the country through and by innovative ideas stemming from fresh and dynamic ideas. If invested in and given support, this group is bound to improve the countrys output and innovative levels. Despite low levels of economic power, it is a group that has great potential in moving the country to greater heights of productivity and innovation.

 

References

Alini, E. (2013). Canadas productivity measurement deserves a serious secondlook. http://www.macleans.ca/economy/business/canadas-productivity-measurement-deserves-a-serious-second-look/

Cohen, W. M. (2015). Empirical Studies of Innovative Activities. In P. Stoneman, ed., Handbook of the Economics of Innovation and Technological Change. Oxford: Blackwell.

Hodgson, G. (2013). Canadian productivity: even worse than previously thought. http://www.theglobeandmail.com/report-on-business/economy/economy-lab/canadian-productivity-even-worse-than-previously-thought/article13988435/

Innovation Canada: A Call to Action. http://rd-review.ca/eic/site/033.nsf/eng/homeMcFetridge, D. G. (2008).

Innovation and the productivity problem: Any solutions? IRPP Choices, 14(3), 2-34. http://www.irpp.org/en/research/competitiveness/innovation-and-the-productivity-problem-any-solutions/

Myers J. (2010). Technology, innovation and Canadas productivity challenge. http://www.cme-mec.ca/download.php?file=gftlvey1.pdf

Niosi, J. (2008). Connecting the dots between university research and industrial innovation. IRPP Choices, 14(14). http://cirst.gogpg.com/Portals/0/docs/pub/Niosi_IRPPChoice.pdf

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