The Economist February 27, 20120 issue in the Free Exchange column which appears in the magazine’s Finance and Economics section, has an article: How to get more innovation bang for the research buck.
Are the economic incentives for innovation inadequate?
I am skeptical that the remedy is in economics, but maybe wrongly. Is this about money?
I recommend looking at this and similar publications: https://www.nber.org/papers/w23782
Generally, it is argued that because of increasing complexity of new technologies, additional progress requires more efforts, i.e. more bucks.
It takes more than incentives or money to promote innovation. (Indeed, too little money can be a blessing: organizations that cannot overcome obstacles by spending will be forced to find and leverage others means, which can be brains.) That said, money and incentives aside, other components of innovation systems are required: they include clarity in mission statements and goals, organizational culture that values innovation, a systems approach to management that understands innovation as one part of a wider context, the adequate resourcing of innovation in line with strategy, the placing of responsibility for innovation on all staff, etc.
In addition to resources, the persuasion that is necessary is needed, and this occurs when innovations point towards the common good. Is this still the object to pursue?
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