UK has lost trillions by letting ‘home-made’ innovations slip through its fingers
This is the usual we’re great at research, at inventing stuff, but not so good at making or owning it.
The mistake that is always made here being that it’s the existence of the thing, the possibility of it being used, that creates the wealth. As Bill Nordhaus has pointed out the entrepreneur usually ends up with about 3% of that total value.
Which does mean that it doesn’t actually matter who owns, we’re much more interested in whether the product hits the market or not. It also means that the Mazzucato like stuff that govt should gain more of the value created is nonsense. At least, if anything people do to gain a greater portion for govt reduces the amount of or speed with which stuff hits the market then it’s nonsense. For whatever might be gained oin the 3% will quickly be swamped by the losses on the 97%.
And we all do believe that government is equally efficient at launching new products, right?