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Bottom-Up Policies Trump Top-Down Missions

In: Moonshots and the New Industrial Policy

Author

Listed:
  • Magnus Henrekson

    (Research Institute of Industrial Economics (IFN))

  • Mikael Stenkula

    (Research Institute of Industrial Economics (IFN))

Abstract

Mission-oriented innovation policies are becoming increasingly popular among policymakers and scholars. We maintain that these policies are based on an overly mechanistic view of innovation and economic growth, suggesting that a more bottom-up approach is called for. By invoking an entrepreneurial ecosystem perspective, we point out that innovative entrepreneurship requires many other actors—besides the entrepreneur—whose skills and abilities are necessary to realize an entrepreneurial project. When mission-oriented policies play a large role in the economy, connections between actors in the ecosystem risk becoming distorted. An efficient and well-balanced entrepreneurial ecosystem requires instead an institutional framework that levels the playing field for potential entrepreneurs and encourages productive entrepreneurship. To promote this kind of system, we discuss in more detail eight key areas where appropriate horizontal or bottom-up policy measures can foster innovation and, in the end, the welfare-enhancing productive entrepreneurship policymakers and scholars strive for.

Suggested Citation

  • Magnus Henrekson & Mikael Stenkula, 2024. "Bottom-Up Policies Trump Top-Down Missions," International Studies in Entrepreneurship, in: Magnus Henrekson & Christian Sandström & Mikael Stenkula (ed.), Moonshots and the New Industrial Policy, pages 309-331, Springer.
    • Handle: RePEc:spr:inschp:978-3-031-49196-2_17
    DOI: 10.1007/978-3-031-49196-2_17
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    Keywords

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    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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