Emerging Tech

Systems Thinking, Market Failure, And The Development Of Innovation Policy: The Case Of Australia

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Executive Summary

Innovation policy is increasingly informed from the perspective of a National Innovation System (NIS), but, despite the fact that research findings emphasize the importance of national differences in the framing conditions for innovation, policy prescriptions tend to be uniform. Justifications for innovation policy by organizations such as the OECD generally relate to notions of market failure, and the USA, with its focus on the commercialization of public sector research and entrepreneurship, is commonly portrayed as the best model for international emulation. In this paper the authors develop a broad framework for NIS analysis, involving free market, coordination and complex?]Evolutionary system approaches.

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