Download Innovation Policy and the Economy, Volume 3 (NBER Innovation by Adam B. Jaffe, Josh Lerner, Scott Stern PDF

By Adam B. Jaffe, Josh Lerner, Scott Stern

This annual sequence, subsidized through the nationwide Bureau of monetary study, offers a discussion board for learn at the interactions between public coverage, the innovation technique, and the economic system. Discussions disguise all kinds of coverage that impact the power of an economic climate to accomplish medical and technological development or that impact the influence of technology and know-how on fiscal development. The books are designed to be of curiosity to normal readers drawn to public coverage in addition to to economists.

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Read or Download Innovation Policy and the Economy, Volume 3 (NBER Innovation Policy and the Economy) PDF

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Extra resources for Innovation Policy and the Economy, Volume 3 (NBER Innovation Policy and the Economy)

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In an extensive survey, Cohen and Levin (1989) conclude, “The empirical results concerning how firm size and market structure relate to innovation are perhaps most accurately described as fragile. . ” In summary, neither theory nor empirical work provides any general justification for an antitrust merger policy aimed at preserving competition in R&D markets. They certainly tell us nothing about essential policy issues, such as at what levels of concentration should there be concern. Do economists really know so little about R&D and concentra- Intellectual Property, Antitrust, and Strategic Behavior 41 tion that there is no basis at all for an antitrust policy aimed at preventing a reduction in R&D competition?

The late 1960s had seen record fund-raising, both by independent venture groups and by Small Business Investment Companies (SBICs), federally subsidized pools of risk capital. Many of the investments by the less established venture groups failed in the subsequent recession, particularly those of the SBICs. ) The poor returns generated a powerful reaction, leading both public and private market investors to be unwilling to contribute new capital. 7 depicts one consequence of the period of this reaction.

The pharmaceutical industry has had several major mergers and numerous smaller ones; defense contractors have undergone extensive consolidation, as have telecommunications companies. 11 In a free market economy, a voluntary decision of two firms to merge should be made because the firms believe that their joint value exceeds the sum of their independent values. This is generally because they believe that there are efficiencies associated with combining the two companies. 12 It is commonly accepted, as a matter of theory, that a reduction in competition from a merger can have these undesirable effects.

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