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Complexity and EvolutionToward a New Synthesis for Economics$
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David S Wilson and Alan Kirman

Print publication date: 2016

Print ISBN-13: 9780262035385

Published to MIT Press Scholarship Online: May 2017

DOI: 10.7551/mitpress/9780262035385.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 21 May 2022

Innovation Policy as Creating Markets, Not Only Fixing Them

Innovation Policy as Creating Markets, Not Only Fixing Them

Implications for Complexity Theory

(p.271) 14 Innovation Policy as Creating Markets, Not Only Fixing Them
Complexity and Evolution

Mariana Mazzucato

The MIT Press

Successful innovation policies are those that actively create and shape markets, not only fix them. In the past this has been achieved through “mission-oriented” policies aimed not at fixing market failures or minimizing government failures, but rather on maximizing the transformative impact of policy. Countries around the world are currently striving to achieve innovation-led growth that is both inclusive and sustainable. For this to happen, public policy needs to support innovation and direct future activities. Innovation policy must focus on building more “symbiotic” (less parasitic) innovation “ecosystems.” This chapter discusses new types of policy questions needed to address the collective, uncertain, and persistent nature of innovation and posits four key areas: directing public policy, evaluating public policy, organizational change to accommodate risk taking and exploration, and the socialization of risks and rewards.

Keywords:   Strüngmann Forum Reports, economic markets, government failure, innovation, market failure theory, organizational change, public policy, risk taking

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