Abstract
Many worry that we have entered a ‘new normal’ of low productivity, or that our economy has become dangerously unbalanced. However, there are many reasons to be optimistic about the future. As a creative and high-skilled economy, we are well placed to benefit from future technology. Attempts to plan for this future or pick winners are likely to prove counter-productive, restricting the competition that is the real driver of increased productivity. Unfortunately, government regulation has created inefficient oligopolies in too many sectors across our economy, including banking, utilities and the media. The most effective competition comes from new entrants, and it is still too hard to start and grow a new business in Britain.
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Notes
Matt Ridley, The Rational Optimist (New York: HarperCollins, 2010), p. 113.
Tyler Cowen, Average Is Over (New York: Penguin, 2013), p. 43.
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© 2015 Kwasi Kwarteng, Ryan Bourne, Jonathan Dupont
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The Free Enterprise Group., Kwarteng, K., Bourne, R., Dupont, J. (2015). The Innovation Economy. In: Kwarteng, K., Bourne, R., Dupont, J. (eds) A Time for Choosing. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-137-48257-0_5
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DOI: https://doi.org/10.1007/978-1-137-48257-0_5
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-137-48256-3
Online ISBN: 978-1-137-48257-0
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