Chapter

Why Is It So Difficult to Translate Innovation Economics into Useful and Applicable Policy Prescriptions?

Dominique Foray

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/9780226473062.003.0022
Why Is It So Difficult to Translate Innovation Economics into Useful and Applicable Policy Prescriptions?

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This chapter focuses in particular on the limited influence of economic science on policy making. Reflecting on the experiences within Europe, it discusses how the policy debates are often characterized by a low level of empirical sophistication, and how conditional statements or caveats often result in a diminished impact of rigorous economic analysis. The bulk of innovation policy initiatives has been focused on enhancing the overall rate of innovation, but an increasing share of innovation policy challenges are now about the direction of innovation—for example, addressing climate change. The obstacles presented in the chapter constitute a challenge for translating innovation economics and innovation policy research into useful and applicable policy prescriptions.

Keywords: innovation economics; applicable policy prescriptions; economic analysis

Chapter.  2771 words. 

Subjects: Economic Development and Growth

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