Introduction: Thinking Big Again 1. From Crisis Ideology to the Division of Innovative Labour 2. Technology, Innovation and Growth 3. Risk-Taking State: 'De-risking' 'Bring It On!' 4. The US Entrepreneurial State 5. behind iPhone 6. Pushing vs. Nudging Green Industrial Revolution 7. Wind Solar Power: Government Success Stories Technology in 8. Risks Rewards: Rotten Apples Symbiotic Ecosystems 9. Socialization Risk Privatization Can Eat Its Cake Too? 10. Conclusion

This article focuses on the broader lessons from mission-oriented programs for innovation policy—and indeed policies aimed at investment-led growth. While much has been written about case studies missions, this not resulted in an alternative policy making toolkit. Missions—in least—require those tools to be just as market cocreating and shaping, they are fixing. The reviews characteristics of programs, ooks key features that can provide lessons, discusses how choose implement policies, with example.

Many countries are pursuing innovation-led "smart" growth, which requires long-run strategic investments and public policies that aim to create shape markets, rather than just "fixing" markets or systems. Market creation has characterized the kind of mission-oriented led putting a man on moon currently galvanizing green innovation. Mission-oriented innovation required agencies not only "de-risk" private sector, but also lead direct new technological opportunities market landscapes. This...

Successful financing of innovation in renewable energy (RE) requires a better understanding the relationship between different types finance and their willingness to invest RE. We study 'direction' that financial actors create. Focusing on deployment phase innovation, we use Bloomberg New Energy Finance (BNEF) data construct global dataset RE asset flows from 2004 2014. analyze portfolios technologies financed by according size, skew level risk. entropy-based indices measure skew, heuristic...

This article contextualizes the reemergence of mission-oriented innovation policies in broader search for a new type policies—and appropriate organizational forms—that can tackle "grand societal challenges," and focuses on our knowledge gaps designing implementing such policies. We identify concept practice dynamic capabilities public sector as perhaps key missing element generation offer brief conceptual historical overview what constitutes policies, focusing two elements missions:...

Journal Article Financing innovation: creative destruction vs. destructive creation Get access Mariana Mazzucato * Mazzucato, Science and Technology Policy, SPRU, University of Sussex, Brighton, East Sussex BN1 9QE, UK. e-mail: m.mazzucato@sussex.ac.uk *Main author for correspondence. Search other works by this on: Oxford Academic Google Scholar Industrial Corporate Change, Volume 22, Issue 4, August 2013, Pages 851–867, https://doi.org/10.1093/icc/dtt025 Published: 16 July 2013

The paper develops a typological framework of the roles state investment banks (SIBs) in economy. typology identifies four different roles: countercyclical; developmental; venture capitalist; and challenge-led. conceptually elaborates by first providing historical overview SIBs, then discussing how mainstream “market failure theory” justifies them. It advances conceptualization based on insights from heterodox economics, showing that all SIBs are more about market creating/shaping rather...

Journal Article The risk-reward nexus in the innovation-inequality relationship: who takes risks? Who gets rewards? Get access William Lazonick, Lazonick **William Center for Industrial Competitiveness, UMass Lowell, O’Leary 500, 61 Wilder Street, MA 01854, USA. e-mail: william.lazonick@gmail.com Search other works by this author on: Oxford Academic Google Scholar Mariana Mazzucato ****Mariana Mazzucato, Science and Technology Policy, SPRU, University of Sussex, UK. m.mazzucato@sussex.ac.uk...

Economic theory justifies policy when there are concrete market failures.The article shows how in the case of innovation, successful policies that have led to radical innovations been more about shaping and creating through direct pervasive public financing, rather than fixing.The paper reviews discusses evidence for this three key areas: (1) presence finance from sources across entire innovation chain; (2) concept 'mission oriented' created new technological industrial landscapes; (3)...

Abstract Policy makers are increasingly embracing the idea of using industrial and innovation policy to tackle ‘grand challenges’ facing modern societies. This article argues that through well-defined goals, or more specifically ‘missions’, focused on solving important societal challenges, policymakers have opportunity determine direction growth by making strategic investments across many different sectors nurturing new landscapes, which private sector can develop further, as a result induce...

Abstract The paper argues that to govern a pandemic, governments require dynamic capabilities and capacity—too often missing. These include capacity adapt learn; align public services citizen needs; resilient production systems; data digital platforms.

In conventional economics, value creation occurs in the private sector with state limited to correcting for "market failures". Public management scholars have developed term "public value" describe how public managers can engage citizens shaping effective policy. A more ambitious concept of rejects failure" framework and puts at centre economy. is created by actors creating co-shaping markets line purpose. This direction-setting role enables different sectors collaborate address major...

The world should redouble its efforts on the SDGs, not abandon them. Here's how to progress United Nations' agenda towards 2050.

The paper contributes to an emerging literature that critically questions the degree which R&D, at centre of national and transnational innovation policies, results in firm growth. differences how affects growth is explored for small large publicly quoted US pharmaceutical firms between 1950 2008. We observe positive impact R&D on highly conditional upon a combination firm-specific characteristics such as size, patenting persistence patenting. For firms, boosts only subset firms: namely,...

The paper considers the direct, strategic investments that have been made by international public institutions creating and shaping (not only fixing) green technology. It builds on key themes found in Entrepreneurial State: debunking vs. private sector myths.

We develop a framework for analyzing the role of public agencies in making high-risk investments along innovation chain and ask how both risks rewards can be shared between private actors. build on new approach to policy, which we call market co-creating shaping, state is not only fixing markets but actively them. also look at legal institutions that determine (and are determined by) relationship Policy measures institutionalize way promote more equitable public–private partnerships...