This paper reviews the empirical literature on rates of return on R&D and interprets the economic significance of these estimates using a semi-endogenous growth model with a calibrated knowledge production sector. We analyse how R&D subsidies, a reduction of entry barriers for start-ups and...

In almost every corner of our private and public lives we rely on experts to advise us. This important species of labor is getting increasing attention from economists, who are beginning to learn how to apply their tools and assumptions to the problem of expertise. Under what conditions of...

Under what conditions of supply and demand are experts likely to give us good advice? When is expert failure more likely? Do entrepreneurs challenge existing expertise? Are they experts themselves? This title brings a heterogeneous collection of thinkers, some "Austrian" and to engage the...