Question: What is the key to global competitiveness?
Answer: The data on this are clear—companies choose to locate their R & D facilities on the basis of the availability of talent. This is more important than tax abatements and certainly much more important than rates of pay. If location was determined by cost, Silicon Valley would be empty. The best way to build human capital is through education—both elementary and secondary as well as higher education that is truly world class. This costs money, but it is worth it.