marianna mazzucato

Tax credits are not the way to boost innovation

There is a lot of talk about the need to build a “knowledge-based economy” if we are to retain and create good jobs in a world where production is shifting in a major way to lower wage developing countries.

To compete, Canada must indeed produce high value-added goods and services commanding a price premium in world markets because they are sophisticated and unique. But, there are few signs of a sustained transition to a more innovative economy in Canada. Indeed, we are moving in the wrong direction.

One key indicator is the decline from about 2000 in the level and share of...

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