Paper accepted in Review of Austrian Economics

The paper ’Bureaucrats or markets in innovation policy? – A critique of the entrepreneurial state’ has been accepted fort publication in Review of Austrian Economics.

Abstract: This paper takes stock of recent suggestions that the state apparatus is a central and underappreciated actor in the generation, diffusion and exploitation of innovations enhancing growth and social welfare. We contrast such a view of “the entrepreneurial state” with theories and empirical evidence of the microeconomic processes of innovation in the modern economy which focus on well-functioning markets, free entry and competition among firms, and independent entrepreneurship as central mechanisms in the creation and dissemination of innovations. In doing so, we identify several deficiencies in the notion of an entrepreneurial state by showing that (i) there is weak empirical support in the many hundreds empirical studies and related meta analyses evaluating the effectiveness of active industrial and innovative policies, that (ii) these policies do not take account of the presence of information and incentive problems which together explain why attempts to address purported market failures often result in policy failures, and that (iii) the exclusive focus on knowledge creation through R&D and different forms of firm subsidies ignores the equally important mechanisms of knowledge dissemination and creation through commercial exploitation in markets. We discuss how a more theoretically well-founded focus on the state as investing in knowledge generation and securing the conditions of free and competitive markets will lead to a more innovative economy.

Complete reference below:
Karlson, N., Sandström, C. Wennberg, K. (2020) Bureaucracies or Markets in innovation policy – a critique of the entrepreneurial state, accepted for publication in Review of Austrian Economics. Available here.


Publicerat

i

av

Kommentarer

2 svar till ”Paper accepted in Review of Austrian Economics”

  1. Profilbild för نرم افزار کارگزینی

    
    من برای پدیدار کردن این مطلب ورقه های زیادی را جستجو کردم و به نظرم این مطلب
    می تواند از باب بی نهایت از بازدید کنندگان مناسب باشد

  2. Profilbild för 토토사이트

    My partner and I stumbled over here different web address and thought I should check things out.
    I like what I see so now i am following you.
    Look forward to checking out your web page again.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *

Denna webbplats använder Akismet för att minska skräppost. Lär dig hur din kommentardata bearbetas.