Mazzucato argues that government research has been visionary. It not merely reduces risks in the market, but opens technology to entirely new ideas. She cites how government directed the development of major new technologies in completely new spheres like information technology, biotechnology, nuclear energy, and nanotechnology. She also argues that government funding even of later-stage research can be beneficial. Government subsidies in Denmark, Germany, and China have resulted in successful individual companies. The US has had a success with First Solar, a solar energy company whose existence depended on state support.
Probably the best take on what’s happening on the right. The illusion that the right was all about free markets and limited government (with family values and national security thrown […]
The latest extraordinary price hike (after Valeant and Martin Shkreli’s Turing) is the 400% price increase in 8 years of EpiPen from Pharma company Mylan. In the same time, it’s […]
There are three basic, and fairly benign or at least unavoidable reasons why government tends to grow when societies get richer and more complex. Some simple economics of growing government
In 2012, Citibank and The Wall Street Journal awarded Medellín, Colombia, the prestigious title of “Innovative City of the Year.” In just a short period of time, Medellín has transformed itself from […]