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... as the venture capitalist William Janeway explains in his recent book, Doing Capitalism in the Innovation Economy, what makes what Schumpeter termed "creative destruction" possible is what he calls "Keynesian waste." The U.S. aerospace industry could never have been born without massive government defense spending; recent innovations in biotechnology owe their existence to the National Institutes of Health; even the Internet was a byproduct of government research. The raw material for innovation and growth often comes from government, not private, spending.


Point n'est besoin d'espérer pour entreprendre, ni de réussir pour persévérer. - Charles le Téméraire
by marco on Sat May 4th, 2013 at 12:59:29 AM EST
Good to see you, marco.
by afew (afew(a in a circle)eurotrib_dot_com) on Sat May 4th, 2013 at 01:48:07 AM EST
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The computer industry was funded and then initially propelled due to and from government money.  

Silicon Valley started from and then developed on a tide of government money during the Cold War:

The R&D that went on in MIT's Building 20 was only possible through government money.

(And on and on and on)

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Sat May 4th, 2013 at 12:53:06 PM EST
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