Perfectly Competitive Innovation

Público
Creator Series Issue number
  • 303
Date Created
  • 2002-03
Abstract
  • 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 between increasing returns and monopolistic markets. In fact, established wisdom claims monopoly power to be instrumental for innovation and sees the nonrivalrous nature of ideas as a natural conduit to increasing returns. The results here challenge the positive description of previous models and the normative conclusion that monopoly through copyright and patent is socially beneficial.

Subject (JEL) Palavra-chave Related information Date Modified
  • 11/08/2019
Corporate Author
  • Federal Reserve Bank of Minneapolis. Research Department
Publisher
  • Federal Reserve Bank of Minneapolis
Resource type DOI
License

Relações

Em Collection:
Última modificação

Conteúdo disponível para baixar

Baixar PDF

Zipped Files

Download a zip file that contains all the files in this work.

Itens