Innovation policy - Essay Example

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Innovation policy

"In addition to the industrial policies that governments pursue in line with their political philosophies and models of economic growth, some governments develop public policies with varying degrees of explicitness, intended to encourage innovation" (Dodgson and Bessant 1996, p.23).
To illustrate the role of government in the process of innovation, Shonfield (1981) postulated as his point of entry that public policy-makers need not, or more strongly should not, be concerned with economic innovation, and the to ask what conditions have to be fulfilled by market processes to secure an optimum outcome. This was his first step in his argument: even if it could be shown that the market process was deficient, it would not follow that intervention by public authorities would produce a better answer. Shonfield goes on saying that if markets were to go on their own without intervention from the government as to how they would manage the scientific environment, markets should be able to provide innovators the necessary environment for them to carry their work. ...
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Companies and governments all around the globe make extraordinary efforts to generate, improve and enhance technology. Several multinational corporations each spend over $3 billion annually on research and development (R&D). In fact, according to Dodgson and Bessant (1996), the seven of the largest Organization for Economic Co-operation and Development (OECD) countries1 collectively spend over $300 billion every year on R&D…
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