[mindcrime]

At first blush, the idea that comes to mind is this: Innovation and associated economic growth isn't the exclusive domain of grad students and graduates. Undergraduates can innovate, as do lots of people who are in private industry and not associated with academia at all.

Of course all that means is that it isn't a perfect proxy. It may well still be a good proxy. Tough to call.

[slededit]

Others can innovate but it really isn't their full time job