Abstract
Science, technology and innovation policy play increasingly important roles in modern societies at many levels of development. This paper reviews the rationale for such policies and places them in the context of our understanding of the institutions and processes through which knowledge is accumulated, stored and disseminated. In particular, we contrast the market failure rationale for innovation policy with the newly developed idea of systemic failure within innovation systems as a policy rationale. The central policy question becomes can we improve upon the self-organisation of innovation systems. Wherever there are missing components or missing linkages within the innovation system then this question can be answered to the affirmative.References
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