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

  • 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.

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Metadaten
Author: Jan SchnellenbachORCiD
DOI:https://doi.org/10.1007/978-3-031-49196-2_4
ISBN:9783031491955
ISSN:1572-1922
Title of the source (English):Moonshots and the New Industrial Policy: Questioning the Mission Economy
Publisher:Springer Nature Switzerland
Place of publication:Cham
Editor: Magnus Henrekson, Christian Sandström, Mikael Stenkula
Document Type:Part of a book (chapter)
Language:English
Year of publication:2024
First Page:61
Last Page:76
Series ; volume number:International Studies in Entrepreneurship (ISEN) ; volume 56
Faculty/Chair:Fakultät 5 Wirtschaft, Recht und Gesellschaft / FG VWL, insbesondere Mikroökonomik
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