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Socializing the risks and rewards of public investments: economic, policy, and legal issues

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journal contribution
posted on 2023-06-09, 22:35 authored by Andrea Laplane, Mariana Mazzucato
We develop a framework for analyzing the role of public agencies in making high-risk investments along the innovation chain and ask how both the risks of innovation and the rewards can be shared between public and private actors. We build on a new approach to innovation policy, which we call market co-creating and shaping, in which the state is not only fixing markets but actively co-creating them. We also look at the legal institutions that determine (and are determined by) the relationship between public and private actors. Policy measures to institutionalize rewards in a way that promote more equitable public–private partnerships can be understood as attempts to mediate asymmetric power relations, tensions and conflicting views among multiple stakeholders, as well as building a shared notion of the value and legitimacy of the role of the state. We conclude by outlining analytical and policy implications and identifying avenues for future research.

History

Publication status

  • Published

File Version

  • Published version

Journal

Research Policy: X

ISSN

0048-7333

Publisher

Elsevier

Volume

2

Page range

1-11

Article number

a100008

Department affiliated with

  • SPRU - Science Policy Research Unit Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2021-01-05

First Open Access (FOA) Date

2021-01-05

First Compliant Deposit (FCD) Date

2021-01-05

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