&quot;A missing piece of Perez’s work, that often goes underemphasized by the private investment community, is the role of government in creating an equitable framework that allows everyone to participate in benefits of technological change. This is not an argument in favor of big government for big government’s sake; it’s to point out that when technology changes the complexity or structure of society, citizens have to push public institutions to transform themselves too.&quot;<p>This highlight explains something that the Californian investment mindset seems to ignore - capitalism is good at creating wealth, but it tends to concentrate a lot of power in the hands of a few; <i>efficient</i> government is needed to distribute that wealth, so that an enough amount is shared and most of society benefit from it.