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Technology Policy in the Knowledge-Based Economy

Author

Listed:
  • Patrick Cohendet

    (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique, HEC Montréal - HEC Montréal)

  • Frieder Meyer-Krahmer

    (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique, Fraunhofer ISI - Fraunhofer Institute for Systems and Innovation Research - Fraunhofer-Gesellschaft - Fraunhofer)

Abstract

Traditional research, technology and development (RTD) policies are inspired by the vision of (partly) linear models of innovation, where the production of new knowledge can be reduced to mere information. The rationale for designing traditional policy instruments is that it is necessary to compensate for market failures that arise from the externalities of new knowledge production. When knowledge is regarded as information its easy reproduction fosters externalities (others may readily access and use it) and market failures (the ability of others to use the information reduces the incentives to invest in its creation). Several types of intervention have been proposed, and even tested, in a bid to come closer to the optimal level of research. David (1993) refers to "The three P's" : public Patronage (prizes, research grants, subsidies, etc.), state Procurement (or Production) and the legal exclusive ownership of intellectual Property that shape government interventions designed to counter the failures of the market. The focus of traditional RTD policies is essentially, therefore, on the conditions of production of new knowledge, and not on the ways that the knowledge is assimilated and diffused through society : according to the traditional vision, agents are supposed to be able to assimilate new knowledge without significant costs.

Suggested Citation

  • Patrick Cohendet & Frieder Meyer-Krahmer, 2005. "Technology Policy in the Knowledge-Based Economy," Post-Print hal-00279448, HAL.
    • Handle: RePEc:hal:journl:hal-00279448
    DOI: 10.1007/3-540-26452-3_4
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    Cited by:

    1. Strong, Derek Ryan, 2017. "The Early Diffusion of Smart Meters in the US Electric Power Industry," Thesis Commons 7zprk, Center for Open Science.
    2. Helmut Gassler & Brigitte Nones, 2008. "Internationalisation of R&D and embeddedness: the case of Austria," The Journal of Technology Transfer, Springer, vol. 33(4), pages 407-421, August.

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