A recent explanation for declining GDP growth is that R&D has gotten harder. The formal explanation in Jones (1995) is “fishing out”-- idea discovery decreases in the level of knowledge. If valid, long-run growth is exogenous. In follow-on empirical work, Bloom, Jones, Van Reenen and Webb...

The traditional transaction cost perspective helps us understand how governance structures impact dyadic transaction costs by focusing on the possibility of ex-post holdup, but it usually neglects the impact of such decisions on other agents. This paper uses value capture theory to investigate...

The problem: flying blind -- Misconception 1: small companies are more innovative -- Misconception 2: uncontested markets are good for innovation -- Misconception 3: spending more on R&D increases innovation -- Misconception 4: companies need more radical innovation -- Misconception 5: open...