Competitiveness, Innovation Policy and the Innovation Market Myth : A Reply to Tom and Newberg on Innovation Markets as the “Centerpiece” of “New Thinking” on Innovation

Responding to commentators who say the American antitrust enforcers do not protect competition in Innovation Markets, two Federal Trade Commission officials acknowledge that these commentators are, in some cases, correct. But in other cases, these officials also claim, the enforcers do indeed protect competition in Innovation Markets. Replying to these FTC officials, this article seeks to kill the "Innovation Market Myth." The article analyzes the cases the FTC officials cite, and shows that in these cases the enforcers do not directly protect innovation, or saying the same thing, find Innovation Markets. Instead, in these cases as in similar cases, the enforcers protect competition in Future Markets, markets for products which do not exist