Community Research and Development Information Service - CORDIS

Abstract

This survey introduces the central concepts in technology policy. We start with neoclassical models, where the literature of the economics of technology is still very limited. The most relevant contributions centre on information as an economic good, and concepts of market failure are crucial here to the role of policy. The issue of investment in R&D leads to theories where technological progress is determined by microeconomic decisions taken by rational agents: the 'endogenous' growth school. We then consider non-neoclassical models, traced to Schumpeter but with more recent contributions from the 'evolutionary' schools. The empirical analysis of technology policy is considered for the 'national innovation systems' (NIS) school and other approaches.

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