No Apology, by Gov. Mitt Romney (R, MA): on Technology

Mitt Romney: Two-part innovation: improve the old; invent the new

In an effort to make existing products better and to make them more efficiently, innovation in the use of capital has long been major source of productivity growth. A great deal of what had previously done by hand was now performed by robots. Capital innovation had led to fewer workers, better product quality, and greater productivity.

Innovation may also improve the way in which labor is organized and utilized.

Mitt Romney: National R&D spending OK; picking winners not OK

The realities of that marketplace sort out those that have potential for growth and sustainability and those that do not. Attempting to substitute government for the roles carried out by entrepreneurs, angel investors, and venture capitalists while also bypassing the unforgiving test of the free market is a very bad idea indeed.