RENEWED POLITICAL interest in creating a “smart economy” may seem little more than an expedient distraction from the economic mire we’re in, an attempt – contrary to popular opinion – to suggest our leaders have a viable plan to get us out of this mess.

If we are to take their word that the political will is there, we must focus our attention on what exactly it might entail and the resulting consequences on Irish society.

We’re not alone in looking to a knowledge and research solution to our economic ills: most other nations are seeking to attract the same high-tech research and investment. But are we smarter than the rest?

Several obvious challenges lie ahead, apart from the obvious one of funding. Not only will we need structural and educational changes but a significant shift in our business and academic culture.

For a start, the poor performance of maths and science at second-level does not bode well. Surely the current situation where some of those teaching these key subjects are without a specific qualification or training in them is unacceptable? Whether it is through changing the curriculum or teacher training, the simple truth is that people’s attitudes towards maths need to change.

Then we come to the planned increase in PhD students. Can we support a proposed doubling of their ranks when the current crop seem to be caught in some sort of career bottleneck? Despite the best efforts of many in business and academia, an economy led by scientist-entrepreneurs still remains some way off.

In the rush to research, we must not forget that it’s the small firms that really can turn around the economy. Innovation occurs not only in the lab, but also on the factory or shop floor. In creating a highly-skilled elite, we must not turn our backs on the firms that provide employment to the majority of the population. Creating a smart economy is a worthwhile pursuit, but it’s not the simple solution to our current ills that some might have us believe.