Today on the podcast,
We get caught up like everyone else in the issue of the moment, but what we need in a market economy are incentives for doing the right thing, the thing that benefits the society in the long term. Nothing indicts the so-called free market of today as much as the subsidies to products and activities that in the long or even medium term are enormously costly and toxic to the society as a whole. The economic system needs to serve the society, not prey upon it. Costs need to be recognized by the market's dynamics, specifically by the price.
Today we present again a creative look at innovation and how to harness the power of the market to generate innovation in the right direction. Here with advance commitment procurement by government, billions in private investment can be stimulated. The speaker is Dr. Jonathan Frost, director of Johnson-Matthey Fuel Cells and a veteran of innovation and the private sector's interaction with the public sector.
As Dr. Frost concludes here, "The world can change out of all recognition in thirty years time, if we actually ask it to do the right thing." Dr. Jonathan Frost.