000			01842nab#a2200253#c#4500
999			_c34278 _d34278
003			IEF
005			20221026182521.0
008			170323s2017 GBR|| #####0 b|ENG|u
040			_aIEF _cES-MaBCM
041			_aENG
100	1		_aMazzucato, Mariana _963055
245			_aPublic financing of innovation _bnew questions _c Mariana Mazzucato and Gregor Semieniuk
260			_c2017
500			_aDisponible también en línea a través de la Biblioteca del Instituto de Estudios Fiscales. Resumen. Conclusión. Bibliografía.
520			_aEconomic 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 have been more about market shaping and creating through direct and pervasive public financing, rather than market fixing. Thepaper reviews and discusses evidence for this in three key areas: (i) the presence of finance from public sources across the entire innovation chain; (ii) the concept of .mission-oriented. policies that have created new technological and industrial landscapes; and (iii) the entrepreneurial and lead investor role of public actors, willing and able to take on extreme risks, independent of the business cycle. We further illustrate these three characteristics for the case of clean technology, and discuss how a market-creating and -shaping perspective may beuseful for understanding the financing of transformative innovation needed for confronting contemporary societal challenges.
650		4	_aINNOVACIÓN _949904
650		4	_aSUBVENCIONES PUBLICAS _948501
650		4	_aENERGÍAS RENOVABLES _950788
700	1		_aSemieniuk, Gregor _965243
773	0		_tOxford review of economic policy _w337 _gv. 33, n. 1, Spring 2017, p. 24-48
942			_cART _2udc
942			_2udc