We propose a new measure of the economic importance of each innovation. Our measure uses newly collected data on … our measure suggests that technological innovation accounts for significant medium-run fluctuations in aggregate economic …

innovation. We identify significant patents based on textual similarity of a given patent to previous and subsequent work: these … aggregate, sectoral, and firm level. Our technology indices span two centuries (1840-2010) and cover innovation by private and …

This paper provides evidence that risk aversion leads pharmaceutical firms to underinvest in radical innovation. We …

impact by serving as a new general-purpose “method of invention” that can reshape the nature of the innovation process and … stimulating research productivity and innovation-oriented competition going forward …

segmentation) shaped the underlying incen- tives for innovation in the PC industry during the mid to late 1980s …

Using administrative data from the United States, we document novel stylized facts regarding technological innovation … and the riskiness of labor income. Higher rates of industry innovation are associated with significant increases in labor … earnings for top workers. Decomposing this result, we find that own firm innovation is associated with a modest increase in the …

from pharmaceutical innovation. Extending previous studies of the welfare benefits from innovation (Trajtenberg, 1990 …

innovation infrastructure (cross-cutting factors which contribute broadly to innovativeness throughout the economy), the … environment for innovation in its leading industrial clusters, and the strength of linkages between these two areas. We use this …