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Mission-Oriented Policies and the "Entrepreneurial State" at Work: An Agent-Based Exploration

Author

Listed:
  • Giovanni Dosi

    (Scuola Superiore Sant'Anna, Pisa (Italy))

  • Francesco Lamperti

    (Institute of Economics and EMbeDS, Scuola Superiore Sant'Anna
    RFF-CMCC European Institute on Economics and the Environment)

  • Mariana Mazzucato

    (Institute for Public Purpose and Policy, University College London (London, UK))

  • Mauro Napoletano

    (Author-Workplace-Name: Université Côte d'Azur, CNRS, GREDEG, France
    SKEMA Business School
    OFCE Sciences-Po)

  • Andrea Roventini

    (Institute of Economics and EMbeDS, Scuola Superiore Sant'Anna
    Sciences Po, OFCE)

Abstract

We study the impact of alternative innovation policies on the short- and long-run performance of the economy, as well as on public finances, extending the Schumpeter meeting Keynes agentbased model (Dosi et al., 2010). In particular, we consider market-based innovation policies such as R&D subsidies to firms, tax discount on investment, and direct policies akin to the "Entrepreneurial State" (Mazzucato, 2013), involving the creation of public research-oriented firms diffusing technologies along specific trajectories, and funding a Public Research Lab conducting basic research to achieve radical innovations that enlarge the technological opportunities of the economy. Simulation results show that all policies improve productivity and GDP growth, but the best outcomes are achieved by active discretionary State policies, which are also able to crowd-in private investment and have positive hysteresis effects on growth dynamics. For the same size of public resources allocated to market-based interventions, "Mission" innovation policies deliver significantly better aggregate performance if the government is patient enough and willing to bear the intrinsic risks related to innovative activities.

Suggested Citation

  • Giovanni Dosi & Francesco Lamperti & Mariana Mazzucato & Mauro Napoletano & Andrea Roventini, 2021. "Mission-Oriented Policies and the "Entrepreneurial State" at Work: An Agent-Based Exploration," GREDEG Working Papers 2021-25, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
  • Handle: RePEc:gre:wpaper:2021-25
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    123. Pietro Santoleri & Andrea Mina & Alberto Di Minin & Irene Martelli, 2020. "The causal effects of R&D grants: evidence from a regression discontinuity," LEM Papers Series 2020/18, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
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    More about this item

    Keywords

    Innovation policy; mission-oriented R&D; entrepreneurial state; agent-based modelling;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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