We study a dynamic general equilibrium model where innovation takes the form of the introduction new goods, whose … production requires skilled workers. Innovation is followed by a costly process of standardization, whereby these new goods are … substitution between goods and other parameters. Third, we show that the interplay between innovation and standardization may lead …

"cutthroat capitalism" that generates greater inequality and more innovation and will become the technology leaders, while others …

change and innovation has radically changed the living standards of the citizens of the US in the past 150 years. Lying … the presence of post offices in a county, on innovation. We show that between 1804 and 1899, the time when the US became …

. After linking these ideas to the induced innovation literature of the 1960s and the more recent directed technological …

Crowdsourcing is an emerging technology where innovation and production are sourced out to the public through an open … fact that the exact difficulties of innovation tasks may not be known in advance, so tasks that require high-skill labor …

innovations—innovations that break new ground in terms of knowledge creation. After presenting a motivating model focusing on the … choice between incremental and radical innovation, and on how managers of different ages and human capital are sorted across … consistent with this pattern. Our measures of creative innovations proxy for innovation quality (average number of citations per …

innovations-innovations that break new ground in terms of knowledge creation. After presenting a motivating model focusing on the … choice between incremental and radical innovation, and on how managers of different ages and human capital are sorted across … measures of creative innovations proxy for innovation quality (average number of citations per patent) and creativity (fraction …

This paper studies a simple model of experimentation and innovation. Our analysis suggests that patents may improve the … allocation of resources by encouraging rapid experimentation and efficient ex post transfer of knowledge across firms. Each firm … project to implement. A successful innovation can be copied by other firms. Symmetric equilibria (where actions do not depend …