len baker reminded us innovation isn't just about science and technology.t inventions in business and business processes and these kinds of innovations really come out of a fertile private sector. we saw the perfect example of that in google. but i have to say that i am still persuaded that the government has proven to have a powerful role in innovation, at least in the past. look at all of the achievements of darpa in inventing the internet, gps. without them america and the world would be a very different place. after all, the fastest growing economies in the world today, china, south korea, are using the government to fund research, to promote innovation, in industry after industry, they're establishing commanding leads because of government policy. so, i think we need both -- government support and a vibrant private sector to foster innovation. but my final thought about all this is that even if we do outinnovate the rest of the world, even if we maintain the cutting edge, there is still a big question. given the way technology works and globalization w

regina dugan, author steven johnson, economist paul romer, len baker and innovation maven john kao. >> problems are much more serious than most people realize and the consequences are more grave than most people realize. >> but let's get started by first understanding innovation and watching the effect it has had on societies over the last centuries. >>> so, why does innovation matter? helping explain it all for us today is a man who studied innovation from top to bottom, steven johnson. johnson is the author of a terrific book "where good ideas come from: the natural history of innovation" and he'll show us the impact of innovation over time. >> that's. let's start with a long view that shows just how dramatic the change inaugurated by the modern revolution in innovation has been.