that as firms gain market share, they increasingly rely on nonproductive strategies but reduce their productive, innovation …

traces the sources of TFP growth in the UK over the last two decades through the lens of a structural model of innovation …, using registry data on the universe of firms. The dominant innovation source in the pre-GFC decade were improvements by … recovery, survey data suggests that creative destruction (i.e., innovation replacing other firms' products) is expected to gain …

); innovation returns are modeled as following an ex ante known probability distribution. By assuming that innovation outcomes are …