Fundamentos económicos de la especialización inteligente

This paper builds on the economic fundamentals of smart specialization. It starts explaining a coherent vision of the goals of this policy approach and then, explores the requirements and implications that are consistent with giving an operational content to this conceptualization. The smart specialization strategy is part of the so-called ‘New Industrial Policy’ that aims at designing and make compatible two critical and somewhat conflicting requirements: identifying priorities in a vertical logic (specialization) and keeping market forces working to reveal domains and areas where priorities should be selected. The policy challenge is enormous. However, we need to see this challenge as an opportunity for improving human capital and creating a pocket of bureaucratic excellence in regional administrations.