He only unveiled his invention to the public once he had the patent for it. This shows that technological advances do not simply fall like manna from heaven. They are only made when researchers and developers have an incentive to do such work. The economist Paul Romer, who won the Nobel Prize in Economic Sciences last year, has also contributed to this understanding.
In competitive financial markets, the greater the leverage, the higher the rate of return, before adjustment for risk. If private financial institutions have to absorb all financial risk, then the degree to which they can leverage will be restrained, the financial sector smaller, and its contribution to the economy more limited.