We provide evidence that risk aversion leads pharmaceutical firms to underinvest in radical andnovel innovation. We do …, reducing their willingness to investin potentially valuable radical innovation …

We propose a new measure of the economic importance of each innovation. Our measure uses newly collected data on … suggests that technological innovation accounts for significant medium-run fluctuations in aggregate economic growth and TFP …

innovation. We identify significant patents based on textual similarity of a given patent to previous and subsequent work: these … aggregate, sectoral, and firm level. Our technology indices span two centuries (1840-2010) and cover innovation by private and …