Blog Post by Jim Huntzinger, President and Founder of Lean Frontiers, Inc.
Michele Nash-Hoff has presented many times during our annual Lean Leadership Week. She always has great insight and experience in very relevant subjects in manufacturing and related industries. In a recent article she gives a great explanation of the importance of R&D (think investment) that derives out of manufacturing. R&D is critical to industry and a fundamental underpinning of a strong economy: that is, investment is fundamental to growing the economy and creating innovative products and services for the marketplace (society). R&D creates better products and services for customers and also helps drive industry growth which helps develop more employment.
Also, for any of you economic geeks, Michele’s articles is describing an aspect of Say’s Law in action. Investment in R&D can create more production which drives the economy (selling in the marketplace), which develops job growth, which returns more capital to further investment, which begins the cycle again. It drives both financial capital and human capital, and both support the other. I hope you enjoy Michele’s article as much as I did.
ARTICLE: Manufacturing is the Engine of American Technology Development and Innovation