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The Art and Science of Innovation Policy: Introduction

The Art and Science of Innovation Policy: Introduction

(p.665) The Art and Science of Innovation Policy: Introduction
The Rate and Direction of Inventive Activity Revisited
Bronwyn H. Hall
University of Chicago Press

This chapter focuses on the central role of policy and institutions in shaping the long-term rate and direction of technological change, and the value of bridging more narrow studies of the innovation process with more aggregate treatments in order to clarify the long-term drivers of economic growth. These themes were reinforced in “The Art and Science of Innovation Policy.” The chapter discusses some of the challenges of developing and implementing well-designed innovation policy initiatives. The author 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. It furthermore highlights the role of certain types of institutions—for example, long-term interagency working groups—in facilitating a more sophisticated innovation policy-making process.

Keywords:   art and science, innovation policy, institutions, technological change

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