 Feeble policy responses that do not increase economic growth. Chapter 2 in Growth Policies for the High-Tech Economy, 2024, pp 29-59 from Edward Elgar Publishing Abstract: The negative impact of globalization of the technology-based economy on domestic industries increased progressively over the four-decade period, 1980-2020, as emerging economies steadily learned how to increase both technological content and production efficiency. This strategy of “engineering innovation” (taking someone else’s technology and improving it) became widespread and devastated low-tech and even moderate-tech domestic industries in the U.S. economy. Conceptually, the growth policy problem has been the “black box” model, which has not recognized the multiple types of public-good content in the technology-based economy and hence the need for an expanded government role to help industry develop and commercialize technologies, even in the early phases of a technology’s development. In summary, the black-box model was based on the erroneous view that technology has little or no public-good content. Consequently, the results of all phases of R&D beyond basic research were viewed as pure “private goods,” implying no substantive public role. Keywords: Economics and Finance; Innovations and Technology (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:23222_2 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Chapters from Edward Elgar Publishing |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.