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Putting Economic Ideas Back into Innovation Policy

Putting Economic Ideas Back into Innovation Policy

(p.669) Putting Economic Ideas Back into Innovation Policy
The Rate and Direction of Inventive Activity Revisited
R. Glenn Hubbard
University of Chicago Press

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

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