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The economic fundamentals of smart specialisation

Author

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  • Dominique Foray

    (Ecole Polytechnique Fédérale de Lausanne (Suiza))

Abstract

This paper builds on the economic fundamentals of smart specialization. It starts explaining a coherent vision of the goals of this policy approach and then, explores the requirements and implications that are consistent with giving an operational content to this conceptualization. The smart specialization strategy is part of the so-called ‘New Industrial Policy’ that aims at designing and make compatible two critical and somewhat conflicting requirements: identifying priorities in a vertical logic (specialization) and keeping market forces working to reveal domains and areas where priorities should be selected. The policy challenge is enormous. However, we need to see this challenge as an opportunity for improving human capital and creating a pocket of bureaucratic excellence in regional administrations.

Suggested Citation

  • Dominique Foray, 2013. "The economic fundamentals of smart specialisation," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 83(02), pages 55-82.
    • Handle: RePEc:ekz:ekonoz:2013203
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    Citations

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    Cited by:

    1. Jon Mikel Zabala-Iturriagagoitia, 2022. "Fostering regional innovation, entrepreneurship and growth through public procurement," Small Business Economics, Springer, vol. 58(2), pages 1205-1222, February.
    2. Will Rossiter, 2016. "A tale of two cities: Rescaling economic strategy in the North Midlands," Local Economy, London South Bank University, vol. 31(8), pages 836-856, December.
    3. Magro, Edurne & Wilson, James R., 2019. "Policy-mix evaluation: Governance challenges from new place-based innovation policies," Research Policy, Elsevier, vol. 48(10).
    4. Dorota Czyzewska & Anna Golejewska, 2014. "Advancement of Polish and French regions in the process of smart specialisation," ERSA conference papers ersa14p430, European Regional Science Association.
    5. Fulvio Castellacci & Davide Consoli & Artur Santoalha, 2018. "Technological Diversification in European Regions: The Role of E-skills," Working Papers on Innovation Studies 20181009, Centre for Technology, Innovation and Culture, University of Oslo.
    6. Jesús María Valdaliso, 2015. "Pertenencia a clústeres y comportamiento competitivo de las empresas: un estudio de seis asociaciones-clúster en el País Vasco," Working Papers 2015R02, Orkestra - Basque Institute of Competitiveness.
    7. Caviggioli, Federico & Jensen, Paul & Scellato, Giuseppe, 2020. "Highly skilled migrants and technological diversification in the US and Europe," Technological Forecasting and Social Change, Elsevier, vol. 154(C).
    8. Joanna Kudelko & Katarzyna Zmija & Dariusz Zmija, 2022. "Regional smart specialisations in the light of dynamic changes in the employment structure: the case of a region in Poland," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 17(1), pages 133-171, March.
    9. Mirko Kruse & Melanie Mesloh & Jan Wedemeier, 2022. "Smart Specialisation and Resilience: How Future-Proof are European Regions?," Romanian Journal of Regional Science, Romanian Regional Science Association, vol. 16(1), pages 34-50, JUNE.
    10. James R. Wilson & Mari Jose Aranguren & Mikel Navarro, 2015. "From Plan to Process: Exploring the Leadership Implications of RIS3," Working Papers 2015R01, Orkestra - Basque Institute of Competitiveness.
    11. Marta Gancarczyk & Joanna Bohatkiewicz, 2018. "Research Streams in Cluster Upgrading. A Literature Review," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 4(4), pages 17-42.
    12. Landesmann, Michael A. & Stöllinger, Roman, 2019. "Structural change, trade and global production networks: An ‘appropriate industrial policy’ for peripheral and catching-up economies," Structural Change and Economic Dynamics, Elsevier, vol. 48(C), pages 7-23.
    13. Slavo Radosevic & Katerina Ciampi Stancova, 2018. "Internationalising Smart Specialisation: Assessment and Issues in the Case of EU New Member States," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 9(1), pages 263-293, March.
    14. Michael Landesmann & Roman Stöllinger, 2018. "Structural Change, Trade and Global Production Networks," wiiw Policy Notes 21, The Vienna Institute for International Economic Studies, wiiw.

    More about this item

    Keywords

    smart specialization; regional policy; entrepeneurial discovery;
    All these keywords.

    JEL classification:

    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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