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.

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.

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.

There is a lot of flesh to be put on the bones - but there is at least an opening for a more pragmatic, less ideological debate about how to build economies that work for people, within the limits of our planet.

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.

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

It's important that public funds be spent in research directions that are pushing market frontiers rather than working in existing areas. This means funding research not only on drugs but also on areas like life-style changes, even if the profit potential is lower for Big Pharma as you cannot sell that change as you can sell a medicine.