The Problem of Private Under-investment in Innovation: A Policy Mind Map
AbstractThis paper reviews the major finance-related causes of private under-investment in innovation and the consequent alternative choices for public policy. The focus is on incentive-based arguments that address the problem of limited appropriability of new knowledge, and on the lacking access to external sources of finance caused by imperfections in the capital market. Drawing a policy mind map, which aims to enhance the mutual awareness and coordination of policy makers at the crossroads of technology and corporate finance, the paper is organised along the following chain of thought: causes and rationales, aims and targets, critical constraints, and the main finance-related instruments of innovation policy.
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Bibliographic InfoPaper provided by WIFO in its series WIFO Working Papers with number 313.
Length: 29 pages
Date of creation: 07 Mar 2008
Date of revision:
technological change; corporate finance; innovation policy; fiscal incentives; venture capital;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-04-15 (All new papers)
- NEP-INO-2008-04-15 (Innovation)
- NEP-KNM-2008-04-15 (Knowledge Management & Knowledge Economy)
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- Rumen Dobrinsky, 2009. "The Paradigm of Knowledge-Oriented Industrial Policy," Journal of Industry, Competition and Trade, Springer, vol. 9(4), pages 273-305, December.
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