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As the Executive Chairman for Google, Eric Schmidt has many valuable insights to give regarding innovating toward a brighter future and his educational economic development keynote provides some unique perceptions about creativity and expansion.
While there is a somewhat hazy definition of growth that exists in the corporate world, Schmidt argues that at its bare bones growth should include the process of innovation. Simply selling companies that are experiencing increased profit margins at a higher price than what they were purchased for does not define growth.
Instead, as Schmidt argues in this economic development keynote, growth occurs when new products are developed for the good of the population as a whole. Government spending and inflation of the price of goods does not constitute an economic advancement, rather, this advancement occurs when cutting-edge companies create new goods and services.