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The Art and Science of Innovation Policy: Introduction

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The Rate and Direction of Inventive Activity Revisited This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: The Rate and Direction of Inventive Activity Revisited Volume Author/Editor: Josh Lerner and Scott Stern, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-47303-1; 978-0-226-47303-1 (cloth) Volume URL: http://www.nber.org/books/lern11-1 Conference Date: September 30 - October 2, 2010 Publication Date: March 2012 Chapter Title: The Art and Science of Innovation Policy: Introduction Chapter Authors: Bronwyn H. Hall Chapter URL: http://www.nber.org/chapters/c12376 Chapter pages in book: (p. 665 - 667) 665 The Art and Science of Innovation Policy Introduction Bronwyn H. Hall In this introduction to the panel discussions, I would like to make a few opening remarks on the topic of the panel. I am very grateful to the orga- nizers for including me on the program, since the book we are honoring has been very important in determining the direction of my career. I fi rst dis- covered The Rate and Direction of Inventive Activity when I was a graduate student at Stanford, after I had been working in the innovation economics fi eld already for about fi ve or six years. Although there is also much of interest in the rest of the volume, Arrow’s paper in particular did much to shape my thinking on the relationship between innovation/ invention and welfare, and therefore innovation policy. His observations on the fi nancing of inventive activity formed the basis of part of my research program (Hall 2009) and when I began teaching, this paper served as the framework for a course I created at Berkeley in the economics of innovation. In these opening remarks, I raise two aspects of innovation policy that seem to me important and sometimes understudied. Perhaps our panelists will say more about them. First, I would like to recall the full title of the 1962 Nelson volume: The

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