Finance committee  We have the most American patents of any institution in Canada. We make modest money from this, and I'd say even if you look at—I'd like to say “the system” of—universities and colleges, there's a big advance in commercialization. But it is not a silver bullet economically, and it isn't in any economy.

Finance committee  That being said, it's been transformative.

Finance committee  I believe that if you count the shortfall that happened in the mid nineties, the federal government has not invested at that level. That's my understanding.

Finance committee  No, no, I'm saying I understand your question.

Finance committee  I understand Mr. Axworthy's assertion, and there's no question that the federal government came to the fore towards the end of the nineties and made a major investment, but if you look at the total investment that's gone into universities over that period of time, I do believe it isn't what it would have been had we—

Finance committee  I served eight and a half years as a vice-president for research at another great Canadian university, and I know a lot about it. I'd just say that even when there is a big commercial breakthrough, it's rare, and you can't drive an economy on it. I think our greatest transfer is the quality of our graduates, who learn in a research-intensive environment and take their ability to work with technology, to use new knowledge, and to create it out into whatever field they work in subsequently.

Finance committee  Come to McGill.

Finance committee  That's good on the end point. For me it would be getting up to the full 40¢ per dollar on indirect costs because it affects fundamentally the quality of teaching and our capacity to be competitive on talent and research. That would be the number one priority, if I had to choose.

Finance committee  I believe he's incorrect.

Finance committee  Thank you. First of all, let me say that the London Times supplement, which just came out, ranking universities around the world, has ranked McGill as the only Canadian university in the top 25 for many years consecutively, in fact since the ranking came out. Second, on the quality of education, we suffer from underfunding, and I want to speak about the federal role in this regard.

Finance committee  I appreciate you saying that I don't have to choose.

Finance committee  Yes. Both are important, so it isn't all or nothing, one or the other.

Finance committee  I think it's very important that there be some redress on the federal transfer side, but without question, there is a powerful federal role. Canada's position in the world depends on a strong federal investment in the research, productivity, and innovation program.

Finance committee  Thank you very much. I'm very pleased to be here today, and I very much appreciate the opportunity to contribute to this discussion. Let me say, having presented before the Standing Committee on Finance in two provinces regularly over the last decade, that each time I come I'm always encouraged by how passionate Canadians are about the quality of our society, and you hear it in the voices around the table here and in the prior panel.