WILLIAM DRAYTON: How do we solve the problems society faces? We are not going to solve them with capital. The cost of capital has been rising gradually over the last several decades as we have moved into a world capital market. Capital is seeking higher returns elsewhere, and we are saving less. Nor will solutions come through further, more aggressive exploitation of natural resources. Our per unit cost of the natural resources we use is also gradually rising—as the very need for environmental protections demonstrates.

One growth area remains: the use of labor and human capital. We know that we are not using 45 percent of the potential, healthy, available labor force in this society. If we were to put that force to work, we would increase productivity while decreasing dependency. It can be done: let me cite just one example.