The Hill Times
TORONTO—In a succession of recent budgets, the Trudeau government has been committing billions upon billions of dollars of public funding and incentives which it says will lead to a badly needed high-innovation economy based on the industries of the future. This, we are promised, will bring about well-paying jobs, a higher rate of productivity growth, and the wealth creation that can deliver a tax base to support our public programs along with ongoing investment for a better future.
The fundamental challenge is that we have an economy that is unprepared for a different future. The economy that delivered past prosperity is not the one that can deliver future success. Yet for all the support, there seems to be limited take-up from domestic firms. It’s as though they don’t see themselves as part of the solution. For example, Canadian business is a significant under-spender on research and development despite the incentives.
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