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A Behavioral Economics Perspective on the Entrepreneurial State and Mission-Oriented Innovation Policy

In: Moonshots and the New Industrial Policy

Author

Listed:
  • Jan Schnellenbach

    (Brandenburg University of Technology at Cottbus)

Abstract

It is argued that the concepts of mission-oriented innovation policy and also of the entrepreneurial state will lead to the implementation of policies that are highly vulnerable to behavioral biases and the inefficient use of heuristics. In political practice, we can therefore not expect efficient mission-oriented policies. In particular, I argue that missions as a political commitment mechanism intended to devote massive resources to a specific cause will often only work if biases like the availability bias and loss aversion are deliberately used in order to secure voter consent. Furthermore, I also argue that the argument used by Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism. London: Penguin UK, 2021) herself also contains several behavioral biases.

Suggested Citation

  • Jan Schnellenbach, 2024. "A Behavioral Economics Perspective on the Entrepreneurial State and Mission-Oriented Innovation Policy," International Studies in Entrepreneurship, in: Magnus Henrekson & Christian Sandström & Mikael Stenkula (ed.), Moonshots and the New Industrial Policy, pages 61-76, Springer.
    • Handle: RePEc:spr:inschp:978-3-031-49196-2_4
    DOI: 10.1007/978-3-031-49196-2_4
    as

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