Rediscovering Public Wealth Creation
In today’s debates about the policies and organizational structures that can best deliver sustained economic growth, we seem to have forgotten the wealth-creating role of the state. The most important innovations of the twenty-first century were not immaculately conceived by free markets; they were first developed in government research labs.
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LONDON – At the cusp of the new year, a decades-old debate among economists is heating up again: Does austerity help or hurt economic growth? Broadly speaking, the debaters fall into two camps: conservatives who call for limited public spending, and thus a smaller state; and progressives who argue for greater investment in public goods and services such as infrastructure, education, and health care.