Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy
Matteo Deleidi and
Mariana Mazzucato ()
Research Policy, 2021, vol. 50, issue 2
This paper investigates the determinants of economic growth from both a theoretical and an empirical perspective. The paper combines the supermultiplier model of growth with the Neo-Schumpeterian framework that emphasises the entrepreneurial role of the state. We aim to detect the macroeconomic effect generated by alternative fiscal policies: generic ones and more directed ‘mission-oriented’ ones. Using an SVAR model for the US economy for the 1947–2018 period, we show that mission-oriented policies produce a larger positive effect on GDP (fiscal multiplier) and on private investment in R&D (crowd-in effect) than the one generated by more generic public expenditures.
Keywords: Directed technical change; Mission-oriented innovation policies; Sraffian supermultiplier; Fiscal multiplier; Crowding-in effect (search for similar items in EconPapers)
JEL-codes: C32 E22 E62 O25 O30 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:respol:v:50:y:2021:i:2:s0048733320302262
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