defend their monopoly position and prevent innovation and entry of high-quality competitors. This requires that the incumbent … quality upgrade related to innovation. Consistently with our empirical findings, the model delivers a negative association …

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 …

We consider an R&D-driven endogenous growth model in which innovation is risky and agents are risk averse. Growth is … social insurance, thus encouraging innovation and accelerating growth. The general equilibrium effects of the reallocation of …

The paper proposes a simple equilibrium model of venture capital, entrepreneurship and innovation. Venture capitalists … productive and active VC industry boosts innovation driven growth. …

We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex … welfare, amount of innovation and output growth at intermediate stages of technological development - periods when legal …