A Behavioral Economics Perspective on the Entrepreneurial State and Mission-Oriented Innovation Policy

Jan Schnellenbach ()
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Jan Schnellenbach: Brandenburg University of Technology at Cottbus

A chapter in Moonshots and the New Industrial Policy, 2024, pp 61-76 from Springer

Abstract: Abstract It is argued that the concepts of mission-oriented innovation policy and also of the entrepreneurial state will lead to the implementation of policies that are highly vulnerable to behavioral biases and the inefficient use of heuristics. In political practice, we can therefore not expect efficient mission-oriented policies. In particular, I argue that missions as a political commitment mechanism intended to devote massive resources to a specific cause will often only work if biases like the availability bias and loss aversion are deliberately used in order to secure voter consent. Furthermore, I also argue that the argument used by Mazzucato (Mission Economy: A Moonshot Guide to Changing Capitalism. London: Penguin UK, 2021) herself also contains several behavioral biases.

Keywords: Behavioral political economy; Mission orientation; Innovation policy; Heuristics; Biases; Narratives; D91; E71; H11; O30; L52 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-031-49196-2_4

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