From market fixing to market-creating: a new framework for innovation policy
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.
Cite this
Mariana Mazzucato (2016). From market fixing to market-creating: a new framework for innovation policy. Industry and Innovation. https://doi.org/10.1080/13662716.2016.1146124
@article{mariana2016from,
title = {From market fixing to market-creating: a new framework for innovation policy},
author = {Mazzucato, Mariana},
year = {2016},
journal = {Industry and Innovation},
doi = {10.1080/13662716.2016.1146124}
}Citations in this library
Stored only when both papers are in the corpus — 755 citations exist upstream.