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Innovation policy: what, why, and how

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  • Jakob Edler
  • Jan Fagerberg

Abstract

During the last two to three decades policy-makers have increasingly became concerned about the role of innovation for economic performance and, more recently, for the solution of challenges that arise (such as the climate challenge). The view that policy may have a role in supporting innovation has become widespread, and the term innovation policy has become commonly used. This paper takes stock of this rapidly growing area of public policy, with particular focus on the definition of innovation policy (what it is); theoretical rationales (why innovation policy is needed); and how innovation policy is designed, implemented, and governed.

Suggested Citation

  • Jakob Edler & Jan Fagerberg, 2017. "Innovation policy: what, why, and how," Oxford Review of Economic Policy, Oxford University Press, vol. 33(1), pages 2-23.
  • Handle: RePEc:oup:oxford:v:33:y:2017:i:1:p:2-23.
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    More about this item

    Keywords

    innovation; innovation system; innovation policy;

    JEL classification:

    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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