In the 21st century, intangible resources such as knowledge and social capital have become as necessary to the modern economy as coal, diamonds, and oil were to the past. This shift from product-focused to service-focused economies necessitates a drastic re-thinking of the ways in which we...

In the past several decades, the U.S. economy has witnessed a number of striking trends that indicate a rising market concentration and a slowdown in business dynamism. In this paper, we make an attempt to understand potential common forces behind these empirical regularities through the lens of...

This paper uses a large language model to develop an ex-ante measure of the commercial potential of scientific findings. In addition to validating the measure against the typical holdout sample, we validate it externally against 1.) the progression of scientific findings through a major...

High growth and progressive regions possess a culture that promotes innovation. Innovation depends on a region’s ability to use its own existing knowledge and knowledge generated elsewhere. This paper demonstrates the importance of the ability to absorb external knowledge in explaining...