Mazzucato, M;
(2016)
From market fixing to market-creating: a new framework for innovation policy.
Industry and Innovation
, 23
(2)
pp. 140-156.
10.1080/13662716.2016.1146124.
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Abstract
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.
| Type: | Article |
|---|---|
| Title: | From market fixing to market-creating: a new framework for innovation policy |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/13662716.2016.1146124 |
| Publisher version: | https://doi.org/10.1080/13662716.2016.1146124 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Innovation policy, mission-oriented policy, market failures, system failures, directionality, smart growth, inclusive growth |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10045784 |
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