A new institutional approach to innovation policy

Davidson, S and Potts, J 2016, 'A new institutional approach to innovation policy', Australian Economic Review, vol. 49, no. 2, pp. 200-207.


Document type: Journal Article
Collection: Journal Articles

Title A new institutional approach to innovation policy
Author(s) Davidson, S
Potts, J
Year 2016
Journal name Australian Economic Review
Volume number 49
Issue number 2
Start page 200
End page 207
Total pages 8
Publisher Wiley-Blackwell
Abstract Modern research and innovation policy is largely based on neoclassical welfare economics, in which the diagnosis of market failure in the production of new information is translated into a case for innovation policy. Both New Institutional and Public Choice economics criticise this approach because it tends to assume that policy interventions are largely costless and produce only benefits. An alternative policy model is proposed that focuses on minimising the social costs of innovation policy through efficient choice of institutions. We review the recently released National Innovation and Science Agenda through this lens.
Subject Environment and Resource Economics
Public Economics- Public Choice
Industry Economics and Industrial Organisation
DOI - identifier 10.1111/1467-8462.12153
Copyright notice © 2016 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research
ISSN 0004-9018
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Citation counts: TR Web of Science Citation Count  Cited 8 times in Thomson Reuters Web of Science Article | Citations
Scopus Citation Count Cited 3 times in Scopus Article | Citations
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