The issue is that, if you don't own the ideas, you don't get the rents. The great mistake of our approach to economic development is that we assumed firms are homogeneous whether you're a high IP-owning firm, domestic or international, whether you're a ring-fenced, high-cap pre-existing firm, or whether you're a low-wage firm with low barriers to entry. Therefore, absent the marketplace frameworks, which are very technical and very contended, the probability that we will suboptimize those investments to 50%, 60%, 70%, 80%, 90% is very high because the game is fought to accrue the economic benefits through the marketplace frameworks of IP and data and competition—and I could go into detail. If we don't do that, we're not creating the engine to get the benefits and that's been our failed orthodoxy over the last 30 years.
Every country in the world doubled, tripled or quadrupled down on those and we went hands off. It doesn't matter whether we spend it in biotech or quantum, or any clean tech, or whether we spend a billion or $100 million or $10 billion. The issue is that we don't have the capacity to get our appropriate returns on our investments.
I'm all for investments. I'm just not for investments into an improperly structured circumstance.