Learning from Overrated Mission-Oriented Innovation Policies: Seven Takeaways

Magnus Henrekson (), Christian Sandström () and Mikael Stenkula
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Christian Sandström: Jönköping International Business School

A chapter in Moonshots and the New Industrial Policy, 2024, pp 235-255 from Springer

Abstract: Abstract This chapter integrates findings from several different case studies on mission-oriented innovation policies (MOIPs) and makes use of the existing literature to briefly describe three other missions: The War on Cancer, homeownership in the United States, and the Swedish Million Program. Together with the analyses in the other chapters of this volume, seven takeaways regarding mission-oriented innovation policies are developed and described: (1) wicked problems cannot be solved through missions, (2) politicians and government agencies are not exempt from self-interest, (3) MOIPs are subject to rent seeking and mission capture, (4) policymakers lack information to design MOIPs efficiently, (5) MOIPs distort competition, (6) government support programs distort incentives and result in moral hazard, and (7) MOIPs ignore opportunity costs. These seven takeaways are illustrated using the cases described in this chapter and elsewhere in this volume.

Keywords: Mission-oriented; Innovation policy; Rent seeking; Failure; Public choice; H50; L26; L52; O31; O38; P16 (search for similar items in EconPapers)
Date: 2024
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Working Paper: Learning from Overrated Mission-Oriented Innovation Policies: Seven Takeaways (2023)
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DOI: 10.1007/978-3-031-49196-2_13

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