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Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy

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  • Deleidi, Matteo
  • Mazzucato, Mariana

Abstract

This paper investigates the determinants of economic growth from both a theoretical and an empirical perspective. The paper combines the supermultiplier model of growth with the Neo-Schumpeterian framework that emphasises the entrepreneurial role of the state. We aim to detect the macroeconomic effect generated by alternative fiscal policies: generic ones and more directed ‘mission-oriented’ ones. Using an SVAR model for the US economy for the 1947–2018 period, we show that mission-oriented policies produce a larger positive effect on GDP (fiscal multiplier) and on private investment in R&D (crowd-in effect) than the one generated by more generic public expenditures.

Suggested Citation

  • Deleidi, Matteo & Mazzucato, Mariana, 2021. "Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy," Research Policy, Elsevier, vol. 50(2).
    • Handle: RePEc:eee:respol:v:50:y:2021:i:2:s0048733320302262
    DOI: 10.1016/j.respol.2020.104151
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    9. Giovanna Ciaffi & Matteo Deleidi & Enrico Sergio Levrero, 2023. "The macroeconomic effects of public expenditure in research and development," Working Papers 64, Birkbeck Centre for Innovation Management Research, revised 29 Mar 2023.
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    12. Ziesemer, Thomas, 2022. "Mission-oriented R&D and growth of Japan 1988-2016," MERIT Working Papers 2022-034, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    13. Andrea Borsato, 2021. "An Agent-based Model for Secular Stagnation in the USA: Theory and Empirical Evidence," LEM Papers Series 2021/09, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    14. Batbaatar, Maral & Sandström, Christian & P Larsson, Johan & Wennberg, Karl, 2023. "The State of the Entrepreneurial State: Empirical Evidence of Mission-Led Innovation Projects around the Globe," Ratio Working Papers 368, The Ratio Institute.
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    16. Matteo Deleidi & Davide Romaniello & Francesca Tosi, 2021. "Quantifying fiscal multipliers in Italy: A Panel SVAR analysis using regional data," Papers in Regional Science, Wiley Blackwell, vol. 100(5), pages 1158-1177, October.
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    18. Giovanna Ciaffi & Matteo Deleidi & Enrico Sergio Levrero, 2022. "The Macroeconomic Impact of Public Spending in Research and Development: An Initial Exploration for G7 and 15 Oecd Countries," Bulletin of Political Economy, Bulletin of Political Economy, vol. 16(1), pages 1-19, June.
    19. Ann Hipp & Udo Ludwig & Jutta Günther, 2021. "Unable to innovate or just bad circumstances? Comparing the innovation system of a state-led and market-based economy," Bremen Papers on Economics & Innovation 2111, University of Bremen, Faculty of Business Studies and Economics.
    20. Cozzi, Guido, 2022. "Shall we fear a Patent Waiver? Not for Covid-19 Vaccines," MPRA Paper 111990, University Library of Munich, Germany.
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    23. Di Bucchianico, Stefano, 2021. "Inequality, household debt, ageing and bubbles: A model of demand-side Secular Stagnation," IPE Working Papers 160/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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    Keywords

    Directed technical change; Mission-oriented innovation policies; Sraffian supermultiplier; Fiscal multiplier; Crowding-in effect;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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