R&D as a Bazaar Economy
As the pace of technological innovation appears to accelerate, the management of research and development
is increasingly being oriented to the provision of both business value and technological novelty. One device for
focussing these issues as been the discussion of R&D as a marketplace.
This paper proposes that such an approach could be illuminating, but not quite in the ways usually intended.
Instead of treating R&D as some variant of a perfect market (and hence applying analytic tools deployed for
apparently perfect markets such as "options pricing"), this paper outlines an analysis of R&D as a bazaar
economy as that has been described in the literacture of comparative socio-economics. The key notions of
clientelisation and bargaining are shown to be both valid and useful for understanding some of the forces at
play in contemporary R&D.
Presented at: IEE Workshop on Competition and Innovation in the Information Society, held at IEE, London, 19th March, 1997.
IEE Workshop on
Competition and Innovation in the Information Society,
held at IEE, London,
19th March 1997.