Nelson, Richard R; (2025) Thinking about technology policy: 'market failures' versus 'innovation systems'. (UCL Institute for Innovation and Public Purpose (IIPP) Working Paper 2017-02). UCL Institute for Innovation and Public Purpose (IIPP): London, UK.

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Abstract

We are republishing this paper in honour of the late Richard (Dick) Nelson, a distinguished scholar of evolutionary economics who we had the privilege of calling a friend of IIPP. This paper rethinks the issue of technology policy, contrasting a “market failure” framework with an “innovation systems” framework. Dick was a master not only of evolutionary theory, but also understood the importance of practice and paid careful attention to the lessons from sectoral studies, a process he called “appreciative theorising”. His work deeply shaped the understanding of evolutionary processes in economics, in particular the co-evolution of the mechanisms that create differences between firms (and other agents) and selection mechanisms that “winnow in” on those differences, without any assumption that selection is survival of the fittest as the definition of fitness might depend on characteristics including the varieties of capitalism in a country (e.g. the power of financial markets). Dick’s work on evolutionary understanding of organisations has been pivotal for IIPP’s work on rethinking the state through the lenses of capacities and capabilities. Further, his attention to modelling and his deep appreciation for case studies influenced our own work at IIPP on “practice-based theorising”. In addition to sharing his ideas, he also shared his time generously and spent an immense amount of time with young students and faculty by providing feedback and engaging in intense debate. He was one of our first guest speakers at an IIPP launch event in 2017 focused on directing innovation towards the sustainable development goals. He will be sorely missed at IIPP, and across the globe, and we will all continue to feel his impact and influence for years to come.

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