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| News and Events » Media Coverage » Media Coverage » November 2, 2004 - Daily News |
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November 2, 2004
The Daily News Lack of Research Hurts Economy Nova Scotia’s economy is being hurt by the decline of private sector research and development investment, a Halifax-based consultant said yesterday. Michael Gardner, head of Gardner Pinfold Consulting Economics Ltd., said while overall R&D spending in Nova Scotia has risen, most of the increase is coming from universities. Spending on research rose 33 per cent from $257 million in 1991 to $342 million in 2001. While the university spending is welcome, Gardner said the schools are not able to commercialize their results as quickly as can the private sector. Other provinces have much higher rates of private-sector research funding, he said. Gardner presented his finding in Halifax as part of the 2004 Knowledge Economy Report Card. The report card is prepared annually by NovaKnowledge, a non-profit organization which aims to expand the province’s knowledge-based economy. The lack of private-sector research investment partially explains the province’s lagging productivity, Gardner said. Current measures show that the productivity of the average Nova Scotian worker is about 20 per cent less than the Canadian average. In turn, the Canadian mark is 20 per cent less than the American rate. The Nova Scotia rate has little to do with how hard people work in the province Gardner said, but how efficiently. People employed in high-tech firms with the latest equipment are able to produce more in every hour of work than those who work in low-tech firms. "In Nova Scotia, we tended to under-invest and not always invest in the most up-to-date technology," Gardner said. However, it is measured or created, Gardner said Nova Scotia has to find a way to increase productivity and expand the number of well-paying jobs. "Unless we make gains, we don’t have the income to support the programs and policies ... that our citizens want," he said. "Firms need to innovate. Firms have to manage more effectively. Firms have to compete internationally." Copyright © 2004 Daily News |
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