The rate and direction of inventive activity revisited / edited by Josh Lerner and Scott Stern.

Print version record.

"While the importance of innovation to economic development is widely understood, the conditions conducive to it remain the focus of much attention. This volume offers new theoretical and empirical contributions to fundamental questions relating to the economics of innovation and technological change while revisiting the findings of a classic book. Central to the development of new technologies are institutional environments, and among the topics discussed here are the roles played by universities and other nonprofit research institutions and the ways in which the allocation of funds between the public and private sectors affects innovation. Other essays examine the practice of open research and how the diffusion of information technology influences the economics of knowledge accumulation. Analytically sophisticated and broad in scope, this book addresses a key topic at a time when economic growth is all the more topical."-- Provided by publisher.

Introduction / Josh Lerner and Scott Stern -- Why was rate and direction so important? / Nathan Rosenberg and Scott Stern -- Some features of research by economists on technological change foreshadowed by The rate and direction of inventive activity / Richard R. Nelson -- The economics of inventive activity over fifty years / Kenneth J. Arrow -- Funding scientific knowledge: selection, disclosure, and the public-private portfolio / Joshua S. Gans and Fiona Murray; Comment by Suzanne Scotchmer -- The diffusion of scientific knowledge across time and space: evidence from professional transitions for the superstars of medicine / Pierre Azoulay, Joshua S. Graff Zivin, and Bhaven N. Sampat; Comment by Adam B. Jaffe -- The effects of the foreign Fulbright program on knowledge creation in science and engineering / Shulamit Kahn and Megan MacGarvie; Comment by Paula E. Stephan -- Shumpeterian competition and diseconomies of scope: illustrations from the histories of Microsoft and IBM / Timothy F. Bresnahan, Shane Greenstein, and Rebecca M. Henderson; Comment by Giovanni Dosi -- How entrepreneurs affect the rate and direction of inventive activity / Daniel F. Spulber; Comment by Luis Cabral -- Diversity and technological progress / Daron Acemoglu; Comment by Samuel Kortum -- Competition and innovation: did arrow hit the bull's eye? / Carl Shapiro; Comment by Michael D. Whinston -- Did plant patents create the American rose? / Petra Moser and Paul W. Rhode; Comment by Jeffrey L. Furman -- The rate and direction of invention in the British Industrial Revolution: incentives and institutions / Ralf R. Meisenzahl and Joel Mokyr; Comment by David C. Mowery -- The confederacy of heterogeneous software organizations and heterogeneous developers: field experimental evidence on sorting and worker effort / Kevin J. Boudreau and Karim R. Lakhani; Comment by Iain M. Cockburn -- The innovation fetish among the Economoi: introduction to the panel on innovation incentives, institutions, and economic growth / Paul A. David -- Innovation process and policy: what do we learn from New Growth Theory? / Philippe Aghion -- The consequences of financial innovation: a counterfactual research agenda / Josh Lerner and Peter Tufano; Comment by Antoinette Schoar -- The adversity/hysteresis effect: depression-era productivity growth in the US railroad sector / Alexander J. Field; Comment by William kerr -- Generality, recombination, and Reuse / Timothy F. Bresnahan; Comment by Benjamin Jones -- The art and science of innovation policy: introduction / Bronwyn H. Hall -- Putting economic ideas back into innovation policy / R. Glenn Hubbard -- Why is it so difficult to translate innovation economics into useful and applicable policy prescriptions? / Dominique Foray -- Can the Nelson-Arrow paradigm still be the beacon of innovation policy? / Manuel Trajtenberg.

Includes bibliographical references and index.

English.

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