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The EU: 'Innovation' under achievement

Collaborating to tackle common problems and deliver shared objec. The EU’s innovation policy only fools itself. For the last decade, the EU has been putting in place a rich and diverse array of innovation policies.

The EU’s innovation policy only fools itself

Almost every month there is a new programme to encourage industry clusters, technology transfers, collaborative research projects, entrepreneurship, venture funding, and the like. If these kinds of policies were all it took to successfully promote innovation, the EU would be the world’s innovation leader.

But true success requires a culture and regulatory environment that embraces the disruptive innovation which leads to new technologies and business models that displace or reorder existing markets and industries. “Europe’s regulatory approach is distinctly biased against innovation” Unfortunately, Europe is decidedly ambiguous if not outright hostile toward disruptive innovation. The result is that the EU has fallen behind the world’s innovation pacesetters.

While this approach to innovation may have worked decades ago, it fails today. IMAGE CREDIT: CC / FLICKR – European Parliament. High Level Group - Innovation Policy Management. Innovation Policy around the World: European Union: Measuring Success. European Union: Measuring Success In crafting innovation policies we should be aiming not merely to increase gross domestic product but also to enhance the overall quality of life in measurable ways.

Innovation Policy around the World: European Union: Measuring Success

In his keynote speech to the National Academy of Sciences on April 28, 2009, President Obama said that “science is more essential to our prosperity, our security, our health, our environment and our quality of life than it has ever been before.” He went on to announce massive increases in public support for a range of agencies and activities and to commit the United States to an annual investment in R&D of more than 3% of gross domestic product (GDP).

His initiative has its parallels around the world. For the European Union, the 3% goal was set in the Lisbon agenda of 2000. Things were not always so. Adam Smith’s partitioning of wealth in society into land, labor, and capital was appropriate to its time and place. The second notable feature is the sources of wealth in each case. D. E. J. A. A NEW APPROACH TO INNOVATION POLICY IN THE EUROPEAN UNION. Does the ‘European Paradox’ Still Hold? Did it Ever? : European Science and Technology Policy Towards Integration or Fragmentation? Extract Giovanni Dosi, Patrick Llerena and Mauro Sylos Labini Since the second half of the 1990s, labour productivity growth has been lower in the Euro area than in the US, as shown in Table 12.1.

Does the ‘European Paradox’ Still Hold? Did it Ever? : European Science and Technology Policy Towards Integration or Fragmentation?

Small gaps end up producing large differences and policy-makers are rightly concerned about the EU’s poor economic performance. What went wrong with the European economy and how can the poor performance be explained? Classical economic growth theory stresses the importance of capital accumulation and savings rates. Unfortunately, however, this approach is not very helpful here since the capital–labour ratio and investment rates are still higher in Europe than in the US. You are not authenticated to view the full text of this chapter or article. Elgaronline requires a subscription or purchase to access the full text of books or journals.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use. Innovation Policies. To accelerate the modernisation of the EU industry, the uptake of product and service innovations, use of innovative manufacturing technologies and introduction of new business models is necessary.

Innovation Policies

The Commission develops policies that help speed up the broad commercialisation of innovation and engages in many activities that support innovation in the EU mainly through the Horizon 2020 programme. Innovation policies Social innovation Social innovations are new ideas that meet social needs, create social relationships, and form new collaborations. Learn more about social innovation. Design for innovation Design creates value and contributes to competitiveness, prosperity, and well-being in the EU. Demand-side innovation policies Demand-side innovation policies support and increase the uptake of innovations in society. Public sector innovation The public sector plays a key economic role as a regulator, service provider, and employer. The end of the “European Paradox” Green Paper on Innovation.