Rob & Felton: We have a dysfunctional system, and I recommend listeners go to the Rob & Felton episode. Why should government compete with private sector investors for innovation? Let's let the private sector, which is very imperfect at it,. It's hard to do. These are people who have a lot of money at stake and they still make lots of mistakes.
Economist and author Mariana Mazzucato talks about her book The Value of Everything with EconTalk host Russ Roberts. Mazzucato argues that economists have mismeasured value and have failed to appreciate the role of government as innovator. She argues for a more active role for government in the innovation process and for government to share in revenue proportional to its role in the creation of new technology.