Chapter

Putting Economic Ideas Back into Innovation Policy

R. Glenn Hubbard

in The Rate and Direction of Inventive Activity Revisited

Published by University of Chicago Press

Published in print April 2012 | ISBN: 9780226473031
Published online February 2013 | e-ISBN: 9780226473062 | DOI: http://dx.doi.org/10.7208/chicago/9780226473062.003.0021
Putting Economic Ideas Back into Innovation Policy

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This chapter focuses on some of the challenges in developing and implementing well-designed innovation policy initiatives. It points out the disjunction between arguments for particular policies—for example, a particular tax rate or regulatory change—and the broader evidence that the rate and impact of innovation reflect broader measures of the overall innovation environment. The chapter also emphasizes the disjunction between academic and policy approaches. The role of certain types of institutions—for example, long-term interagency working groups—in facilitating a more sophisticated innovation policy-making process is also highlighted. Interagency processes approaches have tended to be much more successful in things related to finance than to technology, and one might look to success stories of long-term interagency working groups. The chapter concludes with a discussion on an important and underemphasized element: the policy process.

Keywords: economic ideas; innovation policy; policy initiatives

Chapter.  1824 words. 

Subjects: Economic Development and Growth

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