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The structured professional judgement approach would also lend itself to benchmarking and quality standards.
While the execution of a conventional strategy lends itself to linear progress and clear benchmarks, innovation often proceeds by S-curves, moving at a slow crawl until it explodes at an exponential rate.
Since much lending is benchmarked to Treasury rates, the cost of borrowing is increasing across the economy.
The European Central Bank was scheduled to announce its relative tweak to the benchmark lending rate on Thursday afternoon and is were expected to keep the rate unchanged at 4.0%.
In Australia, inflation is running near its highest level in 16 years, and in March the central bank raised the benchmark lending rate to a 12-year high.
The country's central bank cut the benchmark lending rate to a record low as a rally in Brazil's currency holds inflation at an eight-year low.
Brazil's central bank cut its benchmark lending rate to the lowest level in almost three years to help an economy that shrank last year for the first time since 1992.
Treasury Prices Rise (By Bloomberg News) -- Treasury bond prices rose yesterday after the Federal Reserve reduced its benchmark lending rate to the lowest level in four decades and suggested that more cuts may follow as growth slows in coming months.
Minutes from the Reserve Bank of Australia (RBA) released on Tuesday gave some insight into the central bank's decision to cut its benchmark lending rate to an all-time low of 2% earlier this month.
When the Federal Reserve last cut its discount rate on March 7, banks immediately cut their prime lending rates, a benchmark for business loans, to 9percentt from 91/2percentnt.
But at its meeting on Tuesday and Wednesday, the Fed's Open Market Committee apparently made the decision to cut its benchmark discount lending rate to stimulate the economy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com