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\nThe Failure of Market Failure | #4 | Venture Capital in the 21st Century\n

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\n\nPublisher:\n\nInstitute for New Economic Thinking\n\n\n
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\nWhat are the rationales for State support for technical innovation? Adopting the Neoclassical approach of \"market failure\", Nelson and Arrow suggested that private business firms will invest less in research & development than is...\nWhat are the rationales for State support for technical innovation? Adopting the Neoclassical approach of \"market failure\", Nelson and Arrow suggested that private business firms will invest less in research & development than is socially optimal. Empirical estimates suggest that the gap between private and social benefit is quite large. This has served as a justification for the large increase in State investment in basic research since WWII. But historically, State intervention in innovation was driven by concerns for national security and economic development. Janeway suggests it is better to think in terms of national systems of innovation, rather than market failure.

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In this eight-part series, Bill Janeway investigates the relationship between #venturecapital and technological #innovation, and the interdependent roles of entrepreneurial firms, the mission-driven State and financial speculation in the overall innovation system.

Credits: Matthew Kulvicki, Nick Alpha, Gonçalo Fonseca, Athullya Roytman, Kurt Semm
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Resource Details

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Educator Rating
Not yet Rated
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Media Length
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23:26
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Grade
Higher Ed
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Subjects
Social Studies & History
5 more...
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Media Type
Instructional Videos
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Source:
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\nNew Economic Thinking\n\n
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Date
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2021
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Language
English
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Audiences
For Teacher Use
2 more...
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Usage Permissions
Fine Print: Educational Use
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Concepts

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innovation, national security, funding, defense, economics, investing
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Additional Tags

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silicon valley, research and development, r&d, learn venture capital, learn economics, innovation markets, venture capitalist, angel investors, angel investing, defense department, defense spending, innovation economy, technological development, economic development, robinhood, venture capital, bill janeway, matthew kulvicki, nick alpha, silicon valley voice, angel investing explained, unicorn bubble, stock market, wallstreetbets, inet, state intervention, efficient allocation, supply side, demand side, monopoly rents, industrial revolution, digital revolution, private sector, basic research, positive externality, world war, private research, financial speculation, american state, market failure, failure, world, market, state, fact, nelson, invention, mark 2
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Classroom Considerations

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