Economics - Innovation - Inclusive Growth - Public Purpose

Tag Archives: Financing Innovation

A real industrial revolution

A real industrial revolution

“If Theresa May is serious about industrial strategy, she must begin a fundamental shift in how economic growth is understood, and fostered. Growth has a direction as well as a rate, and the aim of industrial-innovation policy must be to set that direction.” more

Five Key Points for Italy’s Banking Woes

Five Key Points for Italy’s Banking Woes

There is serious concern about Italy’s banks and whether the bad debt they are carrying signals trouble for the Eurozone. In facing up to its troubled financial system Italy’s political leaders could also benefit from a moment of reflection on what the role of finance could, and should, be in a dynamic and functioning economic system. As finance is central to the capitalist system, the lessons for Italy’s financial system are broader than the role of its banks. I will concentrate on 5 key points.
First, money is not just a medium of exchange, replacing barter and then gold. Money lies at the centre of the economic system which is, as understood especially by the great economist Hyman Minsky more

Cinque medicine per curare la malattia delle banche

Cinque medicine per curare la malattia delle banche

“I travagli che da diversi anni scuotono il sistema finanziario italiano offrono spunti di riflessione sul ruolo che la finanza potrebbe e dovrebbe avere in un ecosistema economico dinamico ed efficiente” PDF English version more

Creating a more symbiotic medical innovation eco-system

Creating a more symbiotic medical innovation eco-system

In recent days, my name has been mentioned by John McDonnell in relation to policies he and Jeremy Corbyn have been floating relating to the patent box policy and funding of medical innovation in the UK. I should say first off that I was once a member of Labour’s Economic Advisory Committee (EAC) performing a similar role to that which I have for Nicola Sturgeon in her Council of Economic Advisors (CEA) and, in various ways, with other policy makers worldwide. And although Labour’s EAC is not currently operating, I actually never discussed pharmaceutcal more

STATE VS. MARKETS: A MISLEADING DICHOTOMY

STATE VS. MARKETS: A MISLEADING DICHOTOMY

The debate about the relative roles of the state and the market in capitalist economies tends to swing from side to side in the hearts and minds of public opinion: periods when the state is defended for its role in economic development are always superseded by an attack on its intervention into ‘well functioning’ markets. It has been like this throughout the twentieth century. And it is what has happened since the most recent global financial crisis and economic recession: a brief period right after its outbreak, when there was consensus that the state had a key role to play in both saving the banks and using fiscal policy to promote growth, was quickly apprehended more

The real questions Canada should be asking in the run up to the election

The real questions Canada should be asking in the run up to the election

Post election update. The Liberal Party has won the Canandian election on a platform which promised investment, not more budget cuts. The new Prime Minister Justin Trudeau now needs to ask the right questions about how to steer and direct this spending, not only on shovel-ready projects, but with vision. He would do well to listen to Liberal Premier of Ontario, Kathleen Wynne, who recently cited my work in her speech to the Waterloo Innovation Summit on 17 September 2015, saying:

“One of Mariana’s central observations is that, in our post-recession world, the state has been cast as the villain — a hapless, cumbersome meddler that has always done a poor job of mimicking the private sector, so should get out of the way — just focus more