This book investigates the economic drivers of technology-based growth to establish a framework for aligning R&D policy with market-failure realities. Gregory Tassey, an economist with extensive experience in technology policy, utilizes a combination of economic modeling and comparative international analysis to evaluate how government and industry can address underinvestment in innovation. The text argues that by identifying specific types of market failures, policymakers can design more efficient strategic interventions to stimulate economic development.

Experts frequently cite this work as a foundational text for understanding the intersection of economic theory and public policy regarding innovation. Readers often note the technical density of the prose, which is tailored toward professionals and students in the fields of economics and public administration.