The Venturesome Economy

Amar Bhide channels Austan Goolsbee when he writes:

[...] there is little evidence of an "undersupply" or a need for public policies to stimulate the production of more high-level know-how or to subsidize the training of more homegrown scientists and engineers. Rather, given the realities of modern innovation, there is a good argument for reversing policy biases against the development - and even more importantly - the effective use of mid- and ground-level innovations. Public policies should stop trying to rob mid- and ground-level Peters to pay high-level Pauls.