Don’t Knock Tax ⇥ wired.co.uk

Mariana Mazzucato, for Wired UK:

Even Henry Ford was told, by JP Morgan, that cars would only be “at the best a rich man’s toy”. Indeed, traditional cost-benefit analysis will stop innovation from the start: the probability of failure is just too high. But whereas Steve Jobs spoke in his 2005 Stanford commencement speech of the need for visionary innovators to stay “hungry and foolish”, few have admitted how much visionary foolishness has been riding on state-funded investments.

“You didn’t build that.” Both sentiments are right, by the way.