it’s important to remember that many of the most important innovations of the modern era, including truly life-changing technologies we use every day, were funded not by growth-oriented firms but rather by public bodies. From plumbing to the internet, vaccines to microchips, even the technologies that make up smartphones – all of these came from publicly funded research. We don’t need aggregate growth to deliver innovation. If the objective is to achieve specific kinds of innovation, then it makes more sense to invest in those directly, or incentivise investment with targeted policy measures,
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