Supply side: UK to launch new 'high risk' science agency

This is a great example of an interventionist supply side policy from the UK government to try and encourage technological progress and strengthen the UK economy's productivity and supply side.

The internet, GPS and touchscreen technologies are just a few examples of high risk innovations that were initially pioneered by public sector bodies before being adopted by the private sector. This is a great evaluative point when discussing innovation and dynamic efficiency within firms - whilst private companies do generate technological innovations, are government agencies in a better position to discover more risky and more revolutionary technological advancements?

This links to the great work by UCL economist Mariana Mazzucato who studies how governments can help drive growth through innovation in economies. Her website is definitely worth a look as well as this TED talk below.