<DIV>Inflation became the dominant economic, social, and political problem of the industrialized West during the 1970s. This book is about how the inflation came to pass and what can be done about it. Certain to provoke controversy, it is a major source of new empirical information and theoretical...</div>

A growing body of evidence has documented the critical role that entrepreneurs play in fostering economic growth. But entrepreneurs can only be expected to take risks in ‘open settings’, where individuals and firms are free to contract with one another. In this important book,...

Scientists who make breakthrough discoveries can receive above-normal returns to their intellectual capital, with returns depending on the degree of natural excludability, that is whether necessary techniques can be learned through written repons or instead require hands-on experience with the...

The biotechnology revolution is of particular interest both for the sociology of science and for industrial organization. Indeed, the closeness of progress in the basic science to applications in industry makes it impossible to understand the development of the industry without understanding the...

In science-based industries, world-class scientists drive the most successful firms. These scientists are more likely to follow high-stakes, high-returns R&D strategies instead of more predictable incremental strategies. We develop an options pricing model in which the probability of stock-price...

Data availability is arguably the greatest impediment to advancing the science of science and innovation policy and practice (SciSIPP). This paper describes the contents, methodology and use of the public online COMETS (Connecting Outcome Measures in Entrepreneurship Technology and Science)...

Research on intellectual property has focused on formal legally recorded rights that we call deeded, most often measured by granted patents. Meanwhile, other “defacto” IP (mainly purposive secrecy and natural excludability) has become more important because of the increasing closeness of...

This paper shows that the effects on real income and the price level of the 1973-1974 oil price increase are quite ambiguous on both theoretical and empirical grounds. The theoretical analysis reviews standard results and extends them to analyze the steady-state equilibrium and endogenous...