From market fixing to market-creating: a new framework for innovation policy

  title={From market fixing to market-creating: a new framework for innovation policy},
  author={Mariana Mazzucato},
  journal={Industry and Innovation},
  pages={140 - 156}
  • M. Mazzucato
  • Published 17 February 2016
  • Economics
  • Industry and Innovation
Abstract Many countries are pursuing innovation-led “smart” growth, which requires long-run strategic investments and public policies that aim to create and shape markets, rather than just “fixing” markets or systems. Market creation has characterized the kind of mission-oriented investments that led to putting a man on the moon and are currently galvanizing green innovation. Mission-oriented innovation has required public agencies to not only “de-risk” the private sector, but also to lead the… 
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