Unfortunately, simplistic framing of problems leads to simplistic answers.

Brexit and Trump's election are forcing countries to come up with new radical ideas.

In my view, the state should be active and work in cooperation with private businesses to spur growth that's sustainable and inclusive. The policy process is about co-creating and co-shaping of markets, creating new opportunities for business investment - and negotiating a better deal for the public too.

Once we admit that the public sector takes an immense amount of risk along the entire innovation chain, it becomes crucial to find ways to share both risks and rewards.

Government support is not only investing in upstream areas like basic research, but also in downstream areas like applied research and early-stage financing for the companies themselves. This means there are great risks.

We should be investing where the public returns are greatest - that is in innovation.

Unfortunately, simplistic framing of problems leads to simplistic answers.