Chapter 8: Language System (LS) 3.0: An Agenda for a Model of Innovation Valuation
Clinton W. Francis INTRODUCTION The task of ‘measuring’ innovation presents us with the uneasy sense of confronting a paradox – the valuation of modes of valuation and the seemingly infinite regression that this suggests. The increasing rate and complexity of change in our information society highlights the need for business and society to tackle this paradox and adequately value competing sources of innovation. How we value innovation influences the incentives we provide for creativity and thereby affects the things we produce, the world that produces us, and ultimately affects the quality of our lives. Yet we persist in our obedience to older methods of valuing innovation that are less creative than the underlying innovation they measure and that potentially produce a series of paradoxical inversions of dependent hierarchies. A good part of the task of valuing innovation in our society is relegated to reliance on data concerning intellectual property rights (IPRs), such as density of IPRs and IPR citations levels, supplemented by market-based analyses. While these are useful sources of information, it is important for us to assess the risks associated with their deployment. Our system of property relations and the mechanisms of the marketplace have performed, and will continue to perform, the vital function of social regulation. But this chapter argues that their referential systems increasingly fail to match the complexity of the high-tech and bio-tech ‘ecologies’, which they frame. Under these conditions the hierarchy of logical types used in legal valuations can potentially attribute a higher (or similar) value...
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