Innovation versus economics
This is a paper by Johannes Hers and Niek Nahuis of the Ministry of Finance, Netherlands.
In the legitimization and design of innovation policy there is much confusion. Mainstream economics point to a mix of market and government regulation failures whereas the innovation system approach, mainly used by innovation policy makers, suggests system failures as a reason to intervene. The difference between market and system failures is confusing and this paper intends to clarify this by examining each and comparing their differences. The main objective is to investigate to what extent the innovation system approach and mainstream economics are complements or substitutes.
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- innovation versus economics-hers.pdf (57.81 KB)
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