Others like Craig Venter and Bob Langer keep advancing the industry by relentlessly pushing its technological frontier.

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Twenty years ago what I do was new and exciting, right up there on the technological frontier.

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That gives it plenty of scope to enjoy catch-up growth, unlike Japan's economy, which was still far smaller than America's when it reached the technological frontier.

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This conclusion is further supported by my own research into the growth challenges confronting not only the U.S. but all advanced economies operating at the technological frontier.

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Key to creating a successful hybrid will be whether Japan's leaders allow certain parts of the system to be unmanaged -- whether they fully understand that detailed planning and close interfirm cooperation have limitations when exploring the technological frontier, especially in software and biotechnology.

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Through breakthrough technological innovation, they extend the productivity frontier of companies and society.

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