In the New York Times of 13th May 2016 Neil Irwin described the most impressing innovations of the 19th and 20th century. But for 2016 there were only mentioned innovations with a very limited impact. It is a widely spread opinion that for the last 20 years no break-through innovations came into the market. And this is should be the reason for the insufficient economic growth of this period.
I would like to disagree with it strongly. Even today there are breakthrough innovations in the market. Unlike to the past centuries, there cannot be found as machines, hardware technologies, chemical processes or new energy resources. And because they are in an early stage, it is not easy to recognize them and they are not strong enough yet to carry a strong economic upswing. Nevertheless they exist and they are closely connected to the health of the human being.
What does this mean? What kind of innovation are we referring to? At first it is the modern biotechnology. This brand new technology is able to revolutionize the handling of congenital and not curable illnesses. An impressive breakthrough was achieved in the last years in the healing of hepatitis-C. 90 percent of the 170 Million patients in the world can be cured completely and permanently. This is a novelty. More breakthroughs are expected and are very probable because limitations in growth of biotechnology are not visible.
The second breakthrough innovation emerges through in the area of mental and psychosocial health. It deals with a healthy behavior to oneself and to other people. In the years 2000 to 2002 about 1100 studies were conducted in the U.S.A. about the issue of mental and psychosocial health and illnesses. And between 1997 and 2003 psychology was the second highest supported field of research by the American federal government. Thanks to those researches the knowledge about the handling mental and social disturbances and illnesses were more broadened.
The worldwide damages and costs through inner, especially mental and psychosocial disturbances and illnesses will reach in 2016 the peak of 20 trillion Dollars. Here lie huge potential savings. If we would use our new knowledge and reduce the costs and damages about only 15 percent, then this would set free expenses from about 3 trillion Dollars year per year. With this saved money a new long economic upswing could be financed.