The idea of imperfect competition leading to technological advancement can be mapped onto education/early learning and social determinants of health. /2

Market forces lead to suboptimal investments in health and education, especially social determinants of health and early learning. (Invest early, invest often for biggest rerurns.) /3

Public policy can provide the "monopolistic" investment that optimizes (at least improves) productive potential of every person in society, not discounting the potential of the poors and the marginalized. /4

This is exactly what we are going to need more of in the next few years, as the Global North ages rapidly and we are faced with dependency ratios that look like the 1960s, but with half the growth. That working are population will need all hands on deck. /5

In short, after a lifetime of being told that markets can do the job if you just get out of the way, we are entering an era where we will need more public policy interventions to optimize growth and well being./6