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The simple economics of smart specialisation. Dominique Foray Ecole Polytechnique Fédérale de Lausanne Transition economics meets new structural economics June 25, 26 2013 UCL SSEES, London. D.Foray, P.A.David, B.Hall and B.Van Ark : Smart Specialisation: the Concept .

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the simple economics of smart specialisation

The simple economics of smart specialisation

Dominique Foray

Ecole Polytechnique Fédérale de Lausanne

Transition economicsmeets new structural economics

June 25, 26 2013

UCL SSEES, London

d foray p a david b hall and b van ark smart specialisation the concept
D.Foray, P.A.David, B.Hall and B.Van Ark : Smart Specialisation: the Concept

Knowledge for Growth expert group for the EC

slide3

A policy concept to reconciletwologics

    • Vertical (not horizontal) prioritization
    • Dynamism, entry and competition, entrepreneurship
  • Policy design matters
policy design
Policy design
  • Entrepreneurial discovery& newactivities
    • Entrepreneurial knowledge
    • Discovery
    • Spillovers
    • Neithersectorsnorindividualfirms are prioritisedMid-grainedgranularity & newactivities
    • Structural changes
  • Inclusiveness
slide5

Sleeping giant

Transport sector

Excitedgoblingshightech cluster

Hungrydwarfs

lowtechSMEs

slide6

Sleeping giant

transport

Excitedgoblingshightech cluster

Hungrydwarfs

lowtechSMEs

Sectoral level

mapping

Activity level

priorities

slide7

Sleeping giant

transport

Excitedgoblingshightech cluster

Hungrydwarfs

lowtechSMEs

Sectoral level

A narrow view of smart specialisation!

slide8

Sectoral level

mapping

prioritization

Activity level

Modernisation of the old transport sector : integratedlogistic system

Diversification of SMEs: from automotive to biomedical sector

Transition of the cluster: from ICT to med-tech

policy design1
Policy design
  • Entrepreneurial discovery& newactivities
    • Entrepreneurial..
    • ..discovery
    • Spillovers
    • Mid-grainedgranularity
  • Inclusiveness
  • Evolution
  • Experimental nature of the policy
goals s relevance for different types of regions
Goals’s relevance for different types of regions
  • Smart specialisation goals
    • Facilitatingemergence and earlygrowth of new activitiespotentiallyrich in innovation and spillovers
    • Diversifying the regional system through the generation of new options
    • Generatingcritical mass, critical networks or clusters within a diversified system
  • S3 providesstrategies and goals for anyregion
    • For followers and leaders
    • Inclusivenessprovides a rationale for anyregion
slide11

Limousin

Knowledgeeconomyconvergence

New ceramics

Animal genetics and breeding

Allocatingscarce capital to a few domains = distorsion

SMEs

ToT

Finance

slide12

Limousin

Knowledgeeconomyconvergence

New ceramics

Animal genetics and breeding

*Innovativeprojects are complementingexisting productive assets to generate structural changes

SMEs

ToT

Finance

we need s3 do we need a policy for s3
Weneed S3, do weneed a policy for S3?
  • A counter-example in Switzerland
    • Some times markets do not fail in structuring entrepreneurial knowledge, generating entrepreneurial discovery and facilitatingco-ordinationatearly-growth stage
    • Some times theyfail!
  • Entrepreneurial discoveries
    • Information externalities
    • Capabilities
    • Aligningincentives
  • Early-growth
    • Coordination
    • Industry-specific public goods
conclusion
Conclusion
  • S3 as part of the new generation of technologypolicy (both non neutral and competitionfriendly)