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2010 | 2010 | 1 (139) | 199-211
Article title

Innovation Policies in the Financial Crisis

Title variants
Languages of publication
EN
Abstracts
EN
The current financial crisis is forcing many companies to rethink their innovation strategies and their approach to technology management. The almost automatic response to the crisis has been to increase the efficiency of their innovation processes. By downsizing R&D departments, making the innovation processes more lean and focusing more on incremental innovation projects with a more secure payoff. However, while this approach may increase the performance of the company for the short term - it may also inhibit the long term performance of the company. This paper shows that governments should complement its wide range of stimulus packages to combat the economic slowdown by adopting some long-term macroeconomic measures. It has indeed adopted proactive fiscal and moderately loose monetary policies and launched large-scale investments to enable the economy to recover faster, and taken steps to push for optimization of the national economic structure. But it should ensure that its interventions to rescue the reeling market should not go against market principles. The paper ends with the principles of policy agenda prepared by the OECD which can show the possible the way out of the crisis of different economies.
Keywords
Year
Volume
Issue
Pages
199-211
Physical description
Dates
published
2010-04-01
online
2010-12-16
Contributors
  • Department of Economics and Enterprise Organization, Cracow University of Economics
author
  • Department of Economics and Enterprise Organization, Cracow University of Economics
References
  • AMA (2008), Did Innovation Play a Role in the Financial Crisis? New York Times, June 12, 2008 (review of the book The Game-Changer: How Every Leader Can Drive Everyday Innovation, by A. G. Lafley (chairman and CEO of Procter&Gamble) and Ram Charan (author of Know-How).
  • An Agenda for Policy Action on Innovation. 2009 Interim Report on the OECD Innovation Strategy, OECD, Paris 2009.
  • R. Buderi (2008), What Does the Financial Crisis Mean for Innovation? Xconomists Weigh In
  • Findings from the OECD Experts Meeting on "Innovating Out of Poverty", 6-7 April 2009.
  • H. D. Gibson (2009), Competition, Innovation and the Financial Crises at Perspective on the Current Financial Market Turmoil, "Open Economies Review Journal", Springer Netherlands, 12 December, 2009.
  • Informal seminar on: Sustainability and the Role of Innovation Policies in the Current Financial Crisis, OECD, Paris, 16 February 2009.
  • M. Kanerva, H. Hollanders (2009), The Impact of the Economic Crisis on Innovation. Analysis Based on the Innobarometer 2009 Survey, Report for MERIT, December 2009.
  • P. Krugman (2007), Innovating Our Way to Financial Crisis, "New York Times", December 3, 2007
  • Knowledge@Wharton (2008), Why an Economic Crisis Could Be the Right Time for Companies to Engage in ‘Disruptive Innovation’, November 12, 2008
  • M. Mandel (2009), Innovation and the Financial Crisis, Mass Technology Council, February 25, 2009
  • OECD based on Eurostat, CIS-2006 (April 2009) and national data sources.
  • OECD (2009), OECD Policy Responses to the Economic Crisis to Restore Long-Term Growth: Stocktaking of Stimulus Packages, Paris, June 2009.
  • OECD Strategic Response to the Financial and Economic Crisis - Contributions to the Global Effort, January 2009, www.oecd.org/dataoecd/33/57/42061463.pdf and The Road to Recovery - Update on the OECD's Strategic Response to the Financial and Economic Crisis, March 2009
  • OECD Council Recommendation on Broadband Development (2004), OECD (2008), Broadband Growth and Policies in OECD Countries, OECD, Paris, and OECD (2009), The Role of Communication Infrastructure Investment in the Economic Recovery, OECD, Paris.
  • H. Shaoweri (2009), Innovation is Best Way Out of Financial Crisis, "China Daily", April 6, 2009.
Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.doi-10_2478_v10166-010-0014-7
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