If we look at the complexity of the challenges facing western societies today, we see that the problems are not really about outsiders, but have their roots much closer to home.

Markets are not static entities that are 'intervened' in (for good or bad) but are outcomes of public and private interactions.

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

Germany is using its Energiewende policy as a way of envisioning a green transformation and innovation across many sectors.

While infrastructure is of course important, it must be part of a bigger vision. The point is not to simply dig ditches but to steer those investments towards transformational growth.

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

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.