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

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

Chapter:
(p.673) Why Is It So Difficult to Translate Innovation Economics into Useful and Applicable Policy Prescriptions?
Source:
The Rate and Direction of Inventive Activity Revisited
Author(s):
Dominique Foray
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226473062.003.0022

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

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