areas. Doing so can ensure that socially beneficial innovations receive funding when externalities skew the incentives of investment.
Governments should use the fact that they have
far longer time-horizons than any private investor, which makes them uniquely suited to support
Fig. 7 Synfuels in the USA ended as a slow failure. Note EIA = U.S. Energy Information Administration
Table 7 A different approach may have led to the programme being better received
Note AEO = U.S. Energy Information Administration, Annual Energy Outlook.
300
S. Zifeng and N. Dickens
Governments should use the fact that they have
far longer time-horizons than any private investor, which makes them uniquely suited to support
Fig. 7 Synfuels in the USA ended as a slow failure. Note EIA = U.S. Energy Information Administration
Table 7 A different approach may have led to the programme being better received
Note AEO = U.S. Energy Information Administration, Annual Energy Outlook.
300
S. Zifeng and N. Dickens