Why Innovation Today

First of all, thanks for getting the ball rolling on this, Pierre. It is particularly timely to be thinking about innovation now with the increased economic strength in Asia making innovation particularly critical for us, the aging of the workforce – I think that most people think of innovation as done by relatively young people; and energy prices increasing.

On the day when we found out that consumer prices have risen more in the past year than at any point since 1991, in large part because of the price of energy, one idea that I am intrigued by is that increased investments in energy technology now could lead to lower prices now even though they won’t pay for many years because it would make oil producers want to pump oil now rather than later.

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