The current crisis is the first of this severity to hit OECD countries, since they have shifted to knowledge-based service economies where investment in intangible assets is of equal importance as investment in machinery, equipment and buildings. Efforts to stimulate the economy need to both reflect the current drivers of economic growth and take advantage of the process of “creative destruction” to accelerate structural shifts towards a stronger and more sustainable economic future. Innovation policies need to be adapted to current conditions both in terms of how such policies are crafted to work, but also as elements of stimulus .
