by a monopoly owned by the inventor. We show that philanthropy does not necessarily increase long-run growth and that it … may even reduce welfare. The reason is that it crowds out proprietary innovation which on net may reduce total innovation … in the long run. These effects would be reinforced if philanthropical innovation diverted people from other productive …

This paper extends the Schumpeterian model of creative destruction by allowing followers' cost of innovation to …

increases utility. It is assumed that each variety is owned by a monopoly. Workers can specialize in material goods production … bliss point can only be made better-off by an increase in diversity. If wages are set by monopoly unions rather than set …