Public Policy Approaches

0. Preface:
1. Economy is a Complex System
  1. in LR largely outside of direct control of individual policy makers
2. take Systems Process Approach
  1. facilitate community processes
    1. e.g. communication
    2. e.g. self-organisation
    3. e.g. transformative innovation
1. Innovation is key driver of capitalist system
1. process will involve creative destruction
  1. recessions free up resources used by inefficiency / defunct firms
2. policy can encourage or hinder innovation
  1. avoid propping up old dying inefficient industries
  2. facilitate structural change processes to speed up destructive process
  3. social welfare system important support during digital disruption
2. Emphasize LR dynamic efficiency
1. Long term strategic direction for a firm, industry or economy
  1. strategic trade theory
2. invest in building blocks today for tomorrows evolutionary development
  1. more and ealier STEM education, programming at high school, financial incentives
  2. e.g. NBN, telecommunications investements
  3. health and education
    1. private health care levy
  4. superannuation policy
  5. renewable energy
  6. govt funded R&D
  7. Critical for radical innovation, but so much UNCERTAINTY present
    1. Strategic role for public investment
      1. e.g. medical research, renewable energy, defence
3. tradeoff between stability and order, and openness and diversity
  1. Dynamic VS Static
    1. will need BOTH but different situations required different emphases
      1. DYNAMIC: creativity, entrepreneurship, LR
      2. STATIC: Managerialism, SR
4. allows for sub-optimal frameworks within jurisdiction
  1. facilitating diverse points of view within system
    1. e.g. Arts and Humanities funding
    2. dictatorships dont allow for diversity -> no innovation
3. Improve Linkages between system components
1. encouraging firms to work together
2. law & order
3. CRC: Cooperative Research Centers (between govt, universities and private industry)
4. Government can set visions for the future
  1. these visions can be the catalyst for increased linkages between industries
4. Support and encourage experimental behaviour
1. economy needs to be tolerant of failure
  1. social security network
2. support by gov for R&D, seed funding, incubators
5. Encourage abundant microdiversity and variety

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