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Market-Based Solutions to Vital Economic Issues
Research
Jul 11, 2018

Evidence-Based Economic Development Policy

Abstract

Investing in economic capabilities that enhance firms’ ability to innovate and compete on the world stage has become an important national and local policy focus. This type of investment occurs in specific communities and jurisdictions, often providing the foundation for regional economic development. The ability to extend economic prosperity depends on decision-makers’ understanding of how and whether such investments contribute to innovative regional economies. Armed with this knowledge, decision-makers can evaluate obstacles to innovation more effectively, and in the process they can tweak, adjust, and – when necessary – redirect scare policy resources in ways that extend the benefits of innovation more widely.


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