economic welfare. In this paper, we argue that previous economic research on R&D has overlooked an important difference between … across geography. First, medical R&D has a self-limiting effect. Contemporary innovation discourages trial participation and … slows down development necessary for future innovation. Thus, medical R&D suffers increasing costs over time, driven by …

The theory of innovation policy widely neglects private uncertainty about optimal matching of an idea to an innovation … resolved, prior to subsequent development in private or public innovation institutions. This suggests that the innovation … commons may be a crucial institutional component of an innovation system in the early phase of an innovation trajectory, but …