We consider an R&D-driven endogenous growth model in which innovation is risky and agents are risk averse. Growth is … social insurance, thus encouraging innovation and accelerating growth. The general equilibrium effects of the reallocation of …

linked fields. Our analysis uses 1.8 million U.S. patents and their citation properties to map the innovation network and its … strength. Past innovation network structures are calculated using citation patterns across technology classes during 1975 … predictive power on future innovation after 1995. This pattern is consistent with the idea that when there is more past upstream …

may even reduce welfare. The reason is that it crowds our proprietary innovation, which on net may reduce total innovation …

We construct a tractable general equilibrium model of cumulative innovation and growth, in which new ideas strictly … the rate of innovation, as well as a separate optimal required inventive step that maximizes welfare, with the former …

causal effect of human capital on income, net of the innovation channel. …

defend their monopoly position and prevent innovation and entry of high-quality competitors. This requires that the incumbent … quality upgrade related to innovation. Consistently with our empirical findings, the model delivers a negative association …

We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex … welfare, amount of innovation and output growth at intermediate stages of technological development - periods when legal …