Consequently it has survived and supported giant waves of innovation in the appliance market.

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We need to create a whole-government, whole-society approach that learns from and taps into the new global geography of innovation, the waves of innovation coming from Indian designers focused on the rural poor, the talent factories of a resurgent China, the petro-dollar-fueled innovation hubs of the Middle East and the disaster-honed civil innovation capabilities of Chile, for instance.

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Steven Milunovich, an analyst at Merrill Lynch, thinks that the tech industry evolves through waves lasting 10-15 years, as innovation leads to a burst of spending on new technologies, then to a less exciting period of assimilation.

ECONOMIST: Spending on information technology