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

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.

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

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

Companies prefer to put money in the pockets of shareholders or to hoard cash rather than to raise wages or invest.

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.

Real median household incomes in the U.S. were basically the same in 1989 as in 2014. But we are also seeing similar challenges in the U.K. in the stagnation of real wages.