Policymakers must consider dynamic capabilities from "summary" of The Industrial Policy Revolution II by J. Esteban,J. Stiglitz,Justin Lin Yifu
Policymakers must be mindful of the dynamic capabilities of firms when designing and implementing industrial policies. These dynamic capabilities refer to a firm's ability to innovate, learn, and adapt in response to changing market conditions. In today's rapidly evolving global economy, firms must possess these dynamic capabilities in order to remain competitive and drive sustainable growth.
When policymakers consider dynamic capabilities, they recognize the importance of fostering an environment that enables firms to continuously improve their processes, products, and business models. This may involve investing in research and development, providing access to...
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