Anyone who believes that in the current circumstance where demand is disappearing around a U-bend seemingly to never be seen again the chance that any business is going to take advantage of low interest rates, low tax rates and high investment incentives to decide now is just the perfect time to build a new factory or office or to innovate new products needs their head examined. It’s just not going to happen.
I\’m getting very close to the decision about whether or not to launch a company to do exactly that, innovate an entirely new product.
For, you see, innovation, the onward march of technology, isn\’t one of those things that is dependent upon aggregate demand. Better, cheaper, faster, these are all still desirable whatever the growth rate or not of the wider economy.