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Creating the Market UniversityHow Academic Science Became an Economic Engine$
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Elizabeth Popp Berman

Print publication date: 2012

Print ISBN-13: 9780691147086

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691147086.001.0001

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Innovation Drives the Economy—an Old Idea with New Implications

Innovation Drives the Economy—an Old Idea with New Implications

Chapter:
(p.40) Chapter 3 Innovation Drives the Economy—an Old Idea with New Implications
Source:
Creating the Market University
Author(s):

Elizabeth Popp Berman

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691147086.003.0003

This chapter begins by introducing market-logic experiments undertaken in the mid-1970s. Like earlier efforts, these practices encountered limitations and did not, at the time, look poised to take off. But this time, things would be different, as a new idea started to gain influence in the policy realm. While economists had been looking seriously at the impact of innovation since the 1950s, policymakers' attention to the issue was limited before 1970. A spurt of interest in innovation in the early 1970s fizzled out when the economy rebounded briefly, but as the economy lost steam mid-decade, industry leaders, concerned with indicators suggesting that the United States was losing its technological leadership, began to push the idea that government needed to act to strengthen innovation. In the latter part of the decade, the innovation issue would become politically salient and influential, and would shape a variety of policies meant to strengthen the U.S. economy.

Keywords:   market logic, economics, innovation, economic policy, U.S. economy, American universities

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