Innovation - Fostering
With prices controlled through regulations on salaries and the profits business can earn, there won’t be fortunes to be made from developing good new ideas. This could be a problem if people innovate only to make large profits.
For most creative people, however, doing creative work is rewarding. It’s exciting to bring new ideas and things into the world. It is easier to motivate people to do creative work than it is to motivate them to do more routine, repetitive work. All that is really needed is a way to remove the barriers that stand in their way and allow them to earn an adequate living from what they do.
For example, successful tenured professors in academia work hard developing and publishing their ideas with little chance of additional financial reward. They work hard because they like the work they do and perhaps because they seek the prestige of being published in leading journals.
To promote innovation, the government could provide grants to innovators in much the same way it supports researchers and academics today. Innovators with good new ideas would apply to government to develop their ideas and perhaps start new businesses. The government may not be great at picking winners. However, nobody really is. The government could learn by studying how venture capitalists work today. It should, however, expect a lot of failures.
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