Yes I think we can still improve in Europe how we do various innovation policies.
My take would be to simplify regulations and not necessarily scale back welfare systems. Also in Europe we may simply have to ramp up government support for research and development.
I know this from people who worked in innovation in Canada. They also remark on similar problem that they need a more activate state because even Canada which is more similar to the US than Europe lacks much of the risk taking culture that America has.
But to some extent I think one may have to also just accept that many things get commercialized in the US. I am actually more focused on being a good technology adopter. While Norway e.g. is not well known for innovations like the US, I find from living in the US and comparing to Norway that the US despite being a hub of innovation that the US is often surprisingly bad at actually using a lot of that innovation.
E.g. using robots in warehouses, self-check out and electronic services in banking, public sector is more common in Norway. I see some similar things in Europe. Germany e.g. is a pretty innovative country known as pioneer of so much science an innovation. Yet Germans are kind of conservative and slow at adopting new technology.
Nordic people despite not necessarily inventing the technology has been quicker to use broadband, internet, computers, electronic payments etc. It is a point I have written about before: https://erik-engheim.medium.com/how-fjords-made-norway-rich-bec10a10ac79
I am very strong believer in being a good technology adopter. Even for innovative countries, most invetions or innovations will happen outside your own borders. Hence it will often be more important to adopt ideas than to discover them.
It matters what you use it for too. Facebook may be huge and American. But I would claim that government electronic services while less sexy matter more to a society. I can see my medical journal online, vaccines for all my children and myself, prescription drugs, appointment with hospitals or doctors. I can lookup tax info. Adjust tax cards, change public address, change my default medical doctor. Lookup taxes paid before, fill out tax returns.
But in general I agree with you. I do think both Europe and the US can learn things from each other, but I am of the belief that the US has made choices which are far more detrimental to American future than for much of Europe. The political polarization in the US looks really dangerous, and the health problems, falling average life expectancy must have negative consequences.
One particularly bad trait in Europe which I see less of in the US is austerity. Europeans tend to be paranoid about borrowing money. You see how American government are far more willing to borrow money to get the wheels turning, while in Europe especially Germany and Britain there is a really moralizing tone against borrowing. Instead one tightens the belt killing growth.
