Buy, Keep or Sell: Economic Growth and the Market for Ideas

Akcigit, Ufuk; Çelik, Murat; Greenwood, Jeremy

doi:10.2139/ssrn.2368232

Cited by 16 publications

(24 citation statements)

References 32 publications

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“…Consistent with our results, some papers show that the speed of technology diffusion is linked to the ability of inventors to utilize ideas for production (Akcigit, Celik, and Greenwood, 2016), or to the existing patent rights over those technologies (Galasso and Schankerman, 2015). In the same spirit, Bloom, Schankerman, and Van Reenen (2013) identify technology and product market spillovers for US manufacturing firms.…”

Section: This Raises An Important Question: To What Extent Can Publicsupporting

confidence: 88%

Back to Basics: Basic Research Spillovers, Innovation Policy and Growth

Akcigit

Hanley

Serrano-Velarde

2013

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This paper introduces a general equilibrium model of endogenous technical change through basic and applied research. Basic research differs from applied research in the nature and the magnitude of the generated spillovers. We propose a novel way of empirically identifying these spillovers and embed them in a framework with private firms and a public research sector. After characterizing the equilibrium, we estimate our model using micro-level data on research expenditures by French firms. Our key finding is that standard innovation policies (e.g., uniform R&D tax credits) can accentuate the dynamic misallocation in the economy by oversubsidizing applied research. Policies geared towards public basic research and its transmission to the private sector are significantly welfare improving.

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Section: This Raises An Important Question: To What Extent Can Publicsupporting

confidence: 88%

Back to Basics: Basic Research Spillovers, Innovation Policy and Growth

Akcigit

Hanley

Serrano-Velarde

2013

Self Cite

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“…2. Returns to Innovation Akcigit et al, 2013;Bessen and Maskin, 2009;Green and Scotchmer, 1995;Rumelt, 1984 Macedo, 1990;Moser, 2003Moser, , 2013Park, 2008;Penrose, 1973 P: 55% P: 35% P: 10% M: 20% M: 30% M: 50%…”

Section: Resultsmentioning

confidence: 99%

Intergenerational Fairness and the Crowding Out Effects of Well‐Intended Environmental Policies

Hunt

Fund

2016

J Management Studies

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Sustainability involves the drive to ensure intergenerational fairness. However, the results of actions taken to achieve sustainability often lie far into the future and efforts to promote the welfare of distant generations may or may not ultimately be successful. While both governmental policies and entrepreneurial innovation have been cited as being indispensable to the achievement of sustainability, the manner in which they co‐exist and interact over very long periods of time remains unclear. Using a computational model spanning more than two centuries, this study asks: Do well‐intended environmental policies facilitate or inhibit environmental entrepreneurship? By simultaneously considering both the ethical and economic consequences of efforts to arrest environmental degradation, our study answers the call to develop multi‐disciplinary perspectives and integrative frameworks when addressing the challenges of sustainable existence. Contrary to widely held perceptions, our findings suggest that policy actions may, in the long run, result in less intergenerational fairness by crowding out environmentally desirable innovations and organizations. Our examination of the long‐term interactions between policies and markets offers insights and opportunities for scholars, entrepreneurs, environmentalists, ethicists and policymakers to develop solutions that preserve and extend the essential contributions of both policy actions and entrepreneurial innovations.

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“…To see the first problem, consider the following departure from Romer's model, taken recently by Akcigit et al (2016). Suppose, counterfactually, that knowledge, A, is completely rival, just like capital and labor, so that it enters inside the constant returns to scale piece of the production function:…”

Section: Romer and Sustained Economic Growthmentioning

confidence: 99%

Paul Romer: Ideas, Nonrivalry, and Endogenous Growth

Jones

2019

Scandinavian J Economics

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In 2018, Paul Romer and William Nordhaus shared the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Romer was recognized “for integrating technological innovations into long‐run macroeconomic analysis”. This article reviews his prize‐winning contributions. Romer, together with others, rejuvenated the field of economic growth. He developed the theory of endogenous technological change, in which the search for new ideas by profit‐maximizing entrepreneurs and researchers is at the heart of economic growth. Underlying this theory, he pinpointed that the nonrivalry of ideas is ultimately responsible for the rise in living standards over time.

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Buy, Keep or Sell: Economic Growth and the Market for Ideas

Cited by 16 publications

References 32 publications

Back to Basics: Basic Research Spillovers, Innovation Policy and Growth

Back to Basics: Basic Research Spillovers, Innovation Policy and Growth

Intergenerational Fairness and the Crowding Out Effects of Well‐Intended Environmental Policies

Paul Romer: Ideas, Nonrivalry, and Endogenous Growth

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