This article is concerned with explaining the observed positive relationship in a cross section of industries between technical advance and R&D intensity. It presents a set of models to explore how technological opportunity and appropriability affect both of these variables. The models suggest...

Modern societies are presently facing a number of challenging and often contentious issues regarding how to organize and govern a variety of activities that employ a substantial and growing fraction of their resources. In certain cases, to make market organization work satisfactorily will...