I found this in one of my favourite Blogs : http://www.scienceprogress.org/2009/01/innovation-policies-for-the-21st-...
"For much of the postwar period, economic discourse focused on the
internecine warfare between Keynesians and monetarists, yet
cutting-edge economic thought increasingly is exemplified in
“innovation economics,” whose simple principle is that new
ideas, products, and processes are the key to unlocking broad-based
economic growth. As Stanford University Professor Paul Romer puts it,
“human history teaches us that economic growth springs from
better recipes, not just from more cooking.”
I agree that innovation is a key to economic recovery and so is investment in R&D. I would like to add that I consider dangerous that most R&D funding, which is now given by i.e. the framework programs of the European Commission is linked to short time applicable results.
Regarding patents and protection of intellectual property rights we might need new methods (like "creative commons"). Today most innovations are not more result of the mind of a single genius, but product of the mass initiatve of 1000ends of scientists, technologists or hackers. More important than patents might be easiness to bring ideas/products to market. I don't think that "facebook" has been patented, but Zuckerberg was simply smart enough to get quickly market weight...
Regarding the warfare between monetarists and Keynesians, we can say that they failed both, as socialism failed and "manchester liberalism" failed. Failure of all these "isms" doesn't mean that there are no useful achievements to get out of them. It would be an enormous damage for humankind if now free trade will be abandoned because of the excess in laissez faire finance that the monetarists brought on us.
To get a bold message human beings tend to creat an "ism" if they have some ideas. If such "ism's" are applied too uncritically, they fail that does not mean that all ideas were wrong. Even in Karl Marx economical writings, there are still some good ones.