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A New Institutional Approach to Innovation Policy

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  • Sinclair Davidson
  • Jason Potts

Abstract

type="main" xml:lang="en"> 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.

Suggested Citation

  • Sinclair Davidson & Jason Potts, 2016. "A New Institutional Approach to Innovation Policy," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 49(2), pages 200-207, February.
    • Handle: RePEc:bla:ausecr:v:49:y:2016:i:2:p:200-207
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    Cited by:

    1. Nils Karlson & Christian Sandström & Karl Wennberg, 2021. "Bureaucrats or Markets in Innovation Policy? – a critique of the entrepreneurial state," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(1), pages 81-95, March.
    2. Davidson, Sinclair & Mohan, Vijay & Potts, Jason, 2020. "Location, taxation and governments: An exchange theory of intellectual property," Journal of Economic Behavior & Organization, Elsevier, vol. 169(C), pages 266-283.
    3. Sinclair Davidson & Jason Potts, 2016. "The Social Costs of Innovation Policy," Economic Affairs, Wiley Blackwell, vol. 36(3), pages 282-293, October.

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