Report in New York Times on state spending in New York to create jobs. They’re spending big — $400 million. The state is putting the money, not into handouts, but into higher education institutions to encourage nanotechnology, something UALR and the UA are both trying to develop here.

Here’s a wrinkle: New York has also encouraged a $4 billion private investment in the state by IBM and other technology firms. That’s often the missing piece here. We dangle some money in hope someone shows up. In this case, New York seems to have worked out a true public-private partnership where the private money matches the public money tenfold on the front end.