Creating Innovation Policies that Leads to Positive Future Spillovers - A Critical Review

Abstract

This paper reviews what is the essence and importance of innovation policy today and in the future. The Importance of innovation meta-analysis and its benefits for the policies beneficiaries and stakeholders are explored. Then, cases of market failure and how innovation policies could bring influence and spillovers on the economy, are discussed.This critical review implies that it shows the main mechanisms of innovation instruments and where the essentials and the rationales of creating socially preferable innovation policies need to be more investigated as per the clusters targeted for competitiveness differentiation.