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 …

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 our proprietary innovation, which on net may reduce total innovation …

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 …

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 …

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 …

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

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 …

standard results are reversed. A monopoly has an incentive to offer excessively specialised goods and delay innovation. It is …

market (innovation). It turns out that spillovers from rivals lead to more imitation, while inputs from customers and … research institutions enhance original innovation. …