The 'invisible hand' - of government
When we have 30,000-plus colleges and scores of research labs, why is it that we do not produce a steady stream of Nobel Prize winners? Why aren't we the leaders in creating whole new industries, such as the internet? Why can't we make all the cutting-edge equipment for our defence needs?
Ajit Balakrishnan, author of The Wave Rider, says: "When explosive growth came about in the pharma and IT industries, it triggered off a massive expansion in the higher education, professional service firms, construction and myriad other businesses that served these industries. Very little direct government expenditure was incurred - success was relatively costless. But the "invisible hand" of the government is rarely acknowledged in popular accounts." Read More