The Creative State
The conventional view in mainstream economics is that governments have little capacity to spark innovation.The truth is that in some of the world's most famous technological hubs, including Silicon Valley and Israel, the state has played a critical role in creating and shaping markets for new products.
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LONDON – The conventional view in mainstream economics today is that governments have little capacity to spark innovation. The state should play as limited a role in the economy as possible, the thinking goes, intervening only in cases of “market failure.” This is far from the truth.