The incredible advances that have been made to medicine and health care in the developed world over the past 100 years have been based on continuous development, on marginal improvements, each one driving the next advance and each one building on the last, until we have reached the stage we are at now.
The right price, he said, is low enough to facilitate global economic growth but high enough to incentivize development of not just marginal oil and gas fields but even renewable energy sources.
The big gap between the headline and effective marginal tax rates reflects the large number of allowances given to firms for doing particular activities, such as research and development.