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From market fixing to market-creating: a new framework for innovation policy

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journal contribution
posted on 2023-06-09, 01:36 authored by Mariana Mazzucato
Many countries are pursuing innovation-led “smart” growth, which requires long-run strategic investments and public policies that aim to create and shape markets, rather than just “fixing” markets or systems. Market creation has characterized the kind of mission-oriented investments that led to putting a man on the moon and are currently galvanizing green innovation. Mission-oriented innovation has required public agencies to not only “de-risk” the private sector, but also to lead the direct creation of new technological opportunities and market landscapes. This paper considers four key issues that arise from a market-creating framework for policy: (1) decision-making on the direction of change; (2) the nature of (public and private) organizations that can welcome the underlying uncertainty and discovery process; (3) the evaluation of mission-oriented and market- creation policies; and (4) the ways in which both risks and rewards can be shared so that smart growth can also result in inclusive growth.

Funding

ISIGrowth: Innovation-fuelled, Sustainable, Inclusive Growth; G1610; EUROPEAN UNION; 649186

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Industry and Innovation

ISSN

1366-2716

Publisher

Taylor & Francis

Issue

2

Volume

23

Page range

140-156

Department affiliated with

  • SPRU - Science Policy Research Unit Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2016-06-08

First Open Access (FOA) Date

2017-11-14

First Compliant Deposit (FCD) Date

2016-06-08

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