In response to recent rethinking of economic development policy, the 2017 federal budget announces a more interventionist innovation agenda. However, it marks only a modest shift in direction.
The received wisdom among economists used to be that governments should just set broad “framework” policies such as low taxes, less regulation and fewer barriers to trade. It was up to the private sector to decide what and where to invest. Anything smacking of hands-on “industrial policy” was to be avoided.Report Typo/Error
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