Work by economists like Mariana Mazzucato has led to growing recognition that many of the key innovations that fueled economic growth were funded by governments. A new report by the Broadbent Institute, More Courageous Bets and Equitable Returns: Challenging Perceptions about Public Investment in Innovation looks at what Canadian governments should be doing differently.
A Globe and Mail Business journalist points out that one of the biggest reasons for Apple's success is technology whose development was funded by the United States government. Apple products like the iPhone or iPad are dependent on publicly funded technology like the lithium battery or liquid crystal display.
Newfoundland and Labrador crown corporation Nalcor Energy's mapping project is a small example of how some governments are questioning the assumption that all governments can do to encourage economic development is hand out tax breaks.
This month, Norway's oil revenue fund reached the point where every Norwegian is now a millionaire in Norwegian kroner. As an article in the Tyee shows, this is very different from what has happened with Alberta's oil revenue.
A new report from the Institute for Research on Public Policy (IRPP) shows that even governments that claim to oppose industrial policies are implementing them.
In The Resurgence of Industrial Policy and What It Means for Canada the authors suggest that the success of countries that are openly pursuing industrial policies and the role industrial policies have played in the past in all developed countries mean more countries will be adopting industrial policies.
In its report card, “How Canada Performs”, the Conference Board of Canada gave Canada a “D” for innovation. It found Canada ranked 14th out of the 17 countries surveyed and lack of innovation was harming the economy.
What makes the report card surprising is that the Canadian government spends more on research and development, as a percent of GDP, than any of the other countries surveyed. The problem is how the money is spent.