by a monopoly owned by the inventor. We show that philanthropy does not necessarily increase long-run growth and that it … may even reduce welfare. The reason is that it crowds out proprietary innovation which on net may reduce total innovation … in the long run. These effects would be reinforced if philanthropical innovation diverted people from other productive …

increases utility. It is assumed that each variety is owned by a monopoly. Workers can specialize in material goods production … bliss point can only be made better-off by an increase in diversity. If wages are set by monopoly unions rather than set …

A proposal for moving from price-centric to innovation-centric competition policy, reviewing theory and evidence on … than innovation. Economic theory shows the ways that price competition benefits consumers; and courts, antitrust agencies … economic incentives for innovation. Competition policy and antitrust enforcement have traditionally focused on prices rather …