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Investing in Ideas: Policies to Foster Innovation

Gustavo Crespi, Eduardo Fernández-Arias and Ernesto Stein
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Eduardo Fernández-Arias: University of California
Ernesto Stein: University of California

Chapter 3 in Rethinking Productive Development, 2014, pp 61-106 from Palgrave Macmillan

Abstract: Abstract Since the pioneering work of Solow (1957), technological change has been credited with explaining a substantial share of economic growth. Indeed, recent evidence for the United States shows that investments in R&D—a proxy for the innovation effort of a nation—made up 40 percent of the productivity growth observed during the postwar era (Reikard, 2011). Based on these findings, several Latin American and Caribbean countries have established and implemented public policies aimed at enhancing innovation. In practice, the first explicit interventions to encourage innovation by the private sector emerged even earlier, toward the end of World War II. Although many of these policies were either abandoned or dramatically downsized under the structural reforms inspired by the Washington Consensus, the disappointing results in terms of productivity growth have led several countries in the region to reintroduce policies to stimulate innovation and encourage technology adoption.

Keywords: Human Capital; Innovation Policy; Impact Evaluation; Coordination Failure; Caribbean Country (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-39399-9_3

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DOI: 10.1057/9781137393999_3

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