- New Horizons in the Economics of Innovation series
Edited by Louise Earl and Fred Gault
Chapter 9: Rethinking Science and Technology Indicators for Innovation Policy in the Twenty-First Century
9. Rethinking science and technology indicators for innovation policy in the twenty-ﬁrst century* Anthony Arundel, Alessandra Colecchia and Andrew Wyckoﬀ INTRODUCTION It has long been understood that the generation and exploitation of knowledge are fundamental to economic growth. The widespread diﬀusion of new information technologies in the 1990s vastly improved the capability of generating, manipulating and distilling information so that it becomes knowledge, bringing the issue of how knowledge is created, nurtured and used for competitive advantage to the fore. This interest has been further fuelled by changes in the demographic mix of the labour force in many Organisation for Economic Co-operation and Development (OECD) countries, which place limits on increasing the size of the labour force as a potential source of growth, as well as by the emergence of skilled and lower-paid competitors from China and India, which creates new challenges for OECD countries, particularly with regard to innovation-driven activities. The increased importance attached to generating growth and maintaining a competitive advantage through a wide array of innovative activities has spurred an interest in better understanding the process and outcomes of innovation, the means for its diﬀusion (for example, commercialization, the exercise of intellectual property rights (IPRs)) and its value. Central to this is the need to measure innovation better. Beyond the preoccupation of many ministers of industry or science and technology with the act of invention and commercialization is the more fundamental interest of central bankers and ministers of ﬁnance in gaining a better understanding...
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