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Economic interest in innovation policy largely arises from the fundamental importance of innovation to social welfare and from well-known inefficiencies in innovation in a competitive market environment. As a result, a wide variety of public innovation policies are used in practice. This paper reviews the economic justifications for public innovation policies and compares the existing policy tools, paying particular attention to the Finnish innovation policy environment. This paper reviews commonly used innovation policies and their main rationales, paying particular attention to the Finnish institutional environment.
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