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

As a businessman, Donald Trump has been associated with some of the worst excesses of a particular style of value-extracting and asset stripping capitalism: set up businesses, let them fail, avoid paying suppliers, use bankruptcy laws to avoid taxes for decades, then set up another business somewhere else. It is this model that is the cause of many problems we see today.

The actual division of labor must be reflected in the division of the rewards (and prices, which is the way the consumer gets rewarded).

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

Shareholder value theory - the destructive idea that companies should be run solely for the benefit of shareholders - has led to financialized businesses that do not invest in the areas that will lead to future growth or the invention of useful new products.

My specific concerns with Trump's plans are that they are likely to investments in infrastructure where the private returns are highest (for example toll roads and bridges) rather than where the public gains are greatest.

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