The theorem of not independence of any technological innovation states that in the long run, the behavior and evolution … of any technological innovation is not independent from the behavior and evolution of the other technological innovations … fundamental interactions of physical and social factors. In particular, any technological innovation does not function as an …

harmful for innovation and if so, whether compulsory licensing can provide an effective remedy. The consent decree settled an … to license all its existing patents royalty-free. The compulsory licensing increased follow-on innovation building on … Bell patents by 17%. This effect is driven mainly by young and small companies. Yet, innovation increased only outside the …

innovation on firm survival and firm productivity, which constitute the two main channels through which innovation drives growth … perspectives that inform the empirical models allow for heterogeneity in the effects of R&D/innovation on firm survival and …-linearity and volatility in the gains from R&D/innovation, particularly in terms of its effects on firm survival and productivity …

, distribution, and innovation. Economic development has been ubiquitous with the economic progress of “developing” countries, but …

innovation premium among large firms. A battery of tests shows that this innovation premium among small firms is explained by … that attribute higher returns to innovation to investor underreaction. We argue that an innovation premium exists among … small firms, but not large firms, because small innovators focus more on risky product innovation and rely more on …

This paper studies the asset pricing implications of technology spillover, an important externality in innovation … firms. These findings highlight the importance of innovation externality on stock returns …

innovation. We first establish a positive and significant correlation between various measures of innovativeness and top income … in the top 1% income share between 1975 and 2010. Finally, we show that innovation does not increase broader measures of … inequality which do not focus on top incomes, and that innovation is positively correlated with social mobility, but less so in …

Innovation occurs within ... …

This paper analyzes equilibrium, dynamics, and optimal decisions on the factor bias of innovation in a model of induced … innovation. In a model with full employment, we show that (a) if the elasticity of substitution is always less than or greater …, there will be a bias towards excessive labor augmenting innovation, resulting in too high unemployment, with convergence to …