Fixing markets isn't enough. We have to actively shape and create them and tilt the playing field in the direction of the growth we want.

Another similarity of Brexit and Trump's campaigns was an attack on so-called elites. This is not so much a failure of capitalism as of its high priests in the economic profession, for which we must all take some responsibility.

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

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

Fixing markets isn't enough. We have to actively shape and create them and tilt the playing field in the direction of the growth we want.

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.

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.