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Any legal regime must attempt to assess the trade-offs associated with rules that will affect incentives to innovate, allocative efficiency, competition, and freedom of economic actors to commercialize the fruits of their innovative labors. The essays in this book approach this critical set of problems from an economic perspective.
Innovation is how businesses stay ahead of the competition and adapt to market conditions that change in unpredictable and uncertain ways. In the first decade of the twenty-first century, high-end cuisine underwent a profound transformation. Once an industry that prioritized consistency and reliability, it turned into one where constant change was a competitive necessity. A top restaurant’s reputation and success have become so closely bound up with its ability to innovate that a new organizational form, the culinary research and development team, has emerged. The best of these R&D teams continually expand the frontiers of food—they invent a constant stream of new dishes, new cooking processes and methods, and even new ways of experiencing food. How do they achieve this nonstop novelty? And what can culinary research and development teach us about how organizations innovate? Vaughn Tan opens up the black box of elite culinary R&D to provide essential insights. Drawing on years of unprecedented access to the best and most influential culinary R&D teams in the world, he reveals how they exemplify what he calls the uncertainty mindset. Such a mindset intentionally incorporates uncertainty into organization design rather than simply trying to reduce risk. It changes how organizations hire, set goals, and motivate team members and leads organizations to work in highly unconventional ways. A revelatory look at the R&D kitchen, The Uncertainty Mindset upends conventional wisdom about how to organize for innovation and offers practical insights for businesses trying to become innovative and adaptable.
This book presents a compendium of methodologies for evaluating the economic impact of technological innovation upon climate-change policy. There is a broad consensus on the key elements of climate-change science and agreement that near-term actions are needed to prevent dangerous anthropogenic interference with the climate system. However, there is little agreement on the costs and benefits of climate policy. Any policy implementation will result in an irreversible but environment-improving investment in alternative technologies; this change will generate immediately-realized costs but significantly-delayed benefits. Hence, a critical element in policy selection is the inherent uncertainty in the climate and economy that can be expected over time.
A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Innovation benefits consumers through the development of new and improved goods, services, and processes. Competition and patents stand out among the federal policies that influence innovation. Both competition and patent policy can foster innovation, but each requires a proper balance with the other to do so. This report by the Federal Trade Commission discusses and makes recommendations for the patent system to maintain a proper balance with competition law and policy.
"The Oxford Handbook of China Innovation provides a contemporary and authoritative view of the role of innovation in China's extraordinary emergence. The Handbook consists of chapters written by over sixty experts from universities and research institutions worldwide, who describe and analyze this phenomenon with criticism, discussion of policy issues, and views about further development. It focuses on the microeconomic factors in China's growth, of which the critical force has been the steady drive for innovation. It identifies the many factors instrumental in the development of innovation and evaluates those that are specific to China's context, and those applicable to other nations. The scope of topics is comprehensive, covering China's development policies, the place of innovation in national priorities, the components of the national innovation system and the resources required for their effective deployment. These include the institutions and policies that provide incentives and support to technological development, including people, financial mechanisms, private ownership, rule of law and culture. The issue of foreign influence is also addressed, including the evolution of policy towards inward foreign direct investment and knowledge transfer and China's goals for outward foreign direct investment. The chapters include discussion of the capabilities and strategies of world-class Chinese innovators, together with emerging issues such as environmental remediation, green energy, digital innovation, open innovation, mass innovation and China's future science and technology policy. As China emerges as a contender for global leadership in many fields, the Handbook provides a foundation for informed conjecture regarding the challenges ahead"--
Combines Schumpeter's theory and modern economics to give a new view of innovation in small and large firms
This book aims to advance the understanding of pre-commercial procurement (PCP) as innovation policy instrument and as means to fulfil public needs. To this end, it places PCP within its political and legal context and elucidates its origins and its economic rationale. Based on this analysis, it suggests a clear conceptualization of PCP and a clear delineation from other innovation policy instruments. Subsequently, the book assesses the value and achievements of the more established type of PCP policy programmes, and draws lessons for improvement. In this context, it raises awareness of the remaining obstacles to its wide and effective implementation and suggests appropriate solutions ranging from policy guidance to law interpretation and legislative reform. The text makes use of illustrative practical examples of policy-making and project implementation in various public programmes of R&D procurement. This is a highly relevant book for academics and practitioners in the field of public procurement. Ramona Apostol is Senior Procurement Adviser at Corvers Procurement Services B.V. in the Netherlands. She holds a Ph.D. in Law from Leiden University, the Netherlands. She has been involved in a wide range of procurement projects related to the implementation of R&D and innovation procurement and regularly acts as independent expert for the European Commission on this topic.