There are a few buzzwords that governments sprinkle into speeches, not for their utility in explaining a policy or program, but for their perception as being objectively good: Freedom, growth, and — in vogue until recently — diversity.

Of course, every government adds to this political lexicon, and it’s up to the audience to imbue these words with a positive meaning.

The new buzzword du jour? Investment.

In the Spring Economic Update, “investment” was mentioned a staggering 371 times. Previous speeches and policy announcements underline this government's infatuation with all things investment as they seek to attract it, protect it and, more recently, even "catalyze" it.

After the so-called lost decade of fleeing capital, one could be forgiven for breathing a sigh of relief at this newfound focus. According to the C.D. Howe Institute, since 2015, falling business investment has been undermining growth in labour productivity and compensation.

But not all investments are created equally. Some investments build, leading to improved productivity, higher wages and more job opportunities. Other investments buy, changing whose balance sheet the assets sit on, who controls the........

© National Observer