At this point, I would like to return to one of the questions I asked you to think about at the beginning: how has our society’s attitude to risk and innovation evolved over time and what are the implications for productivity growth?
My own tentative answer is that there has been a subtle, but important, shift in the way we think about risk and innovation. In particular, our preferences appear to have shifted in such a way that we increasingly focus on risk mitigation and risk control.