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From market fixing to market-creating: a new framework for innovation policy
| Content Provider | Semantic Scholar |
|---|---|
| Author | Mazzucato, Mariana |
| Copyright Year | 2016 |
| Abstract | Abstract Many countries are pursuing innovation-led “smart” growth, which requires long-run strategic investments and public policies that aim to create and shape markets, rather than just “fixing” markets or systems. Market creation has characterized the kind of mission-oriented investments that led to putting a man on the moon and are currently galvanizing green innovation. Mission-oriented innovation has required public agencies to not only “de-risk” the private sector, but also to lead the direct creation of new technological opportunities and market landscapes. This paper considers four key issues that arise from a market-creating framework for policy: (1) decision-making on the direction of change; (2) the nature of (public and private) organizations that can welcome the underlying uncertainty and discovery process; (3) the evaluation of mission-oriented and market-creation policies; and (4) the ways in which both risks and rewards can be shared so that smart growth can also result in inclusive growth. |
| Starting Page | 140 |
| Ending Page | 156 |
| Page Count | 17 |
| File Format | PDF HTM / HTML |
| DOI | 10.1080/13662716.2016.1146124 |
| Volume Number | 23 |
| Alternate Webpage(s) | http://discovery.ucl.ac.uk/10045784/1/Mazzucato_From_Market_fixing.pdf |
| Alternate Webpage(s) | http://sro.sussex.ac.uk/61398/3/CIAI_1146124.pdf |
| Alternate Webpage(s) | http://sro.sussex.ac.uk/id/eprint/61398/3/CIAI_1146124.pdf |
| Alternate Webpage(s) | https://doi.org/10.1080/13662716.2016.1146124 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
