This article explores a monopolist's incentive to distort the direction of technological change. For strategic reasons, the monopolist might invent and employ a socially undesirable technology. In so doing, he might jeopardize not only the vigor of product-market competition but also the...

During the past few decades, the interest of economists in the sources of long-term economic growth has led an increasing number of them to focus on the role of innovation in creating that growth. Although some researchers have always been interested in this topic, the groundbreaking work of...