We construct a competitive model of innovation and growth under constant returns to scale. Previous models of growth … under constant returns cannot model technological innovation. Current models of endogenous innovation rely on the interplay … innovation and sees the nonrivalrous nature of ideas as a natural conduit to increasing returns. The results here challenge the …

In the modern theory of growth, monopoly plays a crucial role both as a cause and an effect of innovation. Innovative … that monopoly is neither needed for, nor a necessary consequence of, innovation. In particular, intellectual property is … not necessary for, and may hurt more than help, innovation and growth. We argue that, as a practical matter, it is more …

In the modern theory of growth, monopoly plays a crucial role both as a cause and an effect of innovation. Innovative … that monopoly is neither needed for, nor a necessary consequence of innovation. In particular, intellectual property is not … necessary for, and may hurt more than help, innovation and growth. We argue that, as a practical matter, it is more likely to …

innovation or lead to greater economic growth, by highlighting numerous examples from industries in which innovation increased …