Misguided Policy? Following Venture Capital into Clean Technology
分析了风险投资成功开拓新经济空间的三个关键条件，并评估其在清洁技术领域的可行性，认为大规模贷款担保效果不佳，而其他政策如SBIR拨款、大学研发支持等更有效。
In a search for Schumpeterian solutions, the Obama Administration has made venture capital a cornerstone of its Clean Technology policy, adopting a strategy of providing large loan guarantees to a few venture capital-financed firms. This article argues that three key conditions are necessary for venture capital to successfully open new economic spaces and then it applies them to assess the viability of venture capital investment in clean technology. The article concludes that large loan guarantees are unlikely to be effective. Other government policies such as SBIR grants, university R&D support, certain (de)regulatory actions, large-scale demonstration projects, and/or procurement decisions can better encourage both incremental and Schumpeterian innovation without distorting the turbulent dynamics of new market creation. This analysis can also be applied to other sector- and market-specific innovation policies.