Betting on R&D, defense & investment
“Getting ahead in technology and being self-reliant in defence are essentially very expensive lottery tickets. There’s no guarantee that if you spend money you’re going to be better off,” says Adam Posen, president of the Peterson Institute for International Economics. “But the odds are much better than the average lottery, and the payouts are enormous. You want to be buying those tickets,” he adds, warning that “the contractionary bias in fiscal policy and foregoing European fiscal borrowing capacity” risks the continent passing up such opportunities.
Source: Financial Times