Market Making - A modern approach to industrial policy

Andrew Sissons and Spencer Thompson
04 December 2012

Economic growth tends to be based around new technologies, from the steam engine to the internet. But technologies do not just pass into every day use once they are invented – they need functioning markets that help people make and buy them. These markets are not straightforward entities as many economists believe, but are complex social and institutional constructs.

This report looks at how government can work together with inventors, entrepreneurs and businesses to help new markets to emerge, and remove barriers to innovation. This approach offers a complement to the government’s industrial policy, by enabling policy makers to focus on the new technologies that offer the best prospects for growth, without trying to micro-manage them.

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