Growth in productivity has diverged from growth in the share that working people can expect right across advanced economies, but this trend started earlier and has been more pronounced in the U.S.

An interesting attribute of public banks is that they don't only de-risk the downside, but also get a share of the upside.

People work hard and companies make big profits, but employees don't see that they share in the wealth they help to create.

What is needed is both a New Deal in terms of mission-oriented investments but also a new deal in terms of a modern social compact - one that allows the state to socialize not only risks but also rewards. Maybe then innovation-led growth will also become growth that includes all of us.

The globalized nature of production and innovation means that the benefits don't necessarily stay in the country where the investments are made.

Most venture capital funds are too short-termist and exit-driven to deal with the highly uncertain and lengthy innovation process.

Unfortunately, simplistic framing of problems leads to simplistic answers.