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Three frames for innovation policy, The state could and should play an…
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The state could and should play an active role in financing scientific research on the premise that new scientific discoveries would flow into practice through applied R&D by
the private sector
- Alternative or counter framings
- Rational justification for policy invention
Economic theory provided a robust rationale for the public support of only a component of innovation (discovery or invention). In economics language, discovery and invention were said to have the features of a public good, akin to roads or sewers and it was reasonably well-accepted that public goods suffer from ‘market failure’ – the inadequacy of market incentives to produce them at the desired level or quality.
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- Innovation model and actors
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