In December 2009, the White House released a paper outlining their manufacturing policy, A Framework for Revitalizing American Manufacturing. The Framework makes an excellent case that the federal government has a strong role to play in reinvigorating this important sector of the U.S. economy. It outlines the challenges facing manufacturing while describing the opportunities in new product areas. However, the ongoing transformation in manufacturing to a knowledge-intensive activity will require attention to all the inputs to the production process -- technology, worker skills, and organizational structures. The Framework recognizes that the nature of the economy has changed and implicitly accepts this basic premise. "Intellectual capital, such as patents from research and development as well as managerial know-how," the document states, "is a vital component in determining costs, growth rates and the creation of new industries." But while patents and managerial know-how are important components, a successful manufacturing framework must embrace the full range of intellectual capital and intangible assets. This Policy Brief makes a number of recommendations to directly incorporate intellectual capital into a manufacturing strategy and best position the United States for accelerated job, productivity, and economic growth in the coming years
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