People Mentioned
Special Advisor, Ottawa
Accelerating the adoption of new technologies is key to maintaining our country’s standard of living, says Osler Special Advisor Stephen Poloz in an interview with the FEED podcast.
“We need to lean into the new technology that’s arriving, and not lag like we have in the past,” says Stephen. “What the government should be doing is super incentivizing business investment and entrepreneurship to encourage the growth that will come with technological development.
“We also need to enhance the support tools to make sure the downside is covered. If we do that, we’ll be part of the early adoption wave that will generate the extra income that will make us all better off.”
Stephen points to the ‘80s and ‘90s, when there was widespread adoption of computers for business, as an example of how technology provides economic benefits. “At the time there was a 15% increase in general incomes,” he says. “Computers provided a productivity improvement that benefited everyone.”
Finding adequate replacements that will make up for lost income from the new global trading system also will be crucial to maintaining our living standards. “This will involve changing our incentives,” says Stephen. “‘For example, this could mean further developing our conventional energy business or our critical minerals. This could help replace the 2% of national income we’re expected to lose annually because of tariffs.”
People Mentioned
Special Advisor, Ottawa
