Policy choices in the 21st century – where to start?

ABSTRACT Based on the author’s keynote talk at the ERF’s 25th anniversary conference in Kuwait City (March 10–12, 2019), this paper outlines the research and policy dimensions of the fast-rising intangibles economy. The key features of such economic structures are – the centrality of (mostly proprietary) intellectual property; high upfront fronts for firms but near-zero marginal costs of production if successful; first-mover advantage especially if backed up by standard-setting; and handsome rewards for strategic behavior. There is no single route to success in such a world; in fact many successful countries have had ex ante daunting challenges not unknown among ERF countries. The ethos that drives the ERF has never been more essential than it is today.