Applying economic analysis, we explore the potential benefits and risks associated with firm-based and social production models and derive conditions that determine when open or closed innovation models are more appropriate. We contrast the newly emerging "user-generated approach" to innovation...

In the field of economics, hysteresis refers to an event in the economy that persists into the future, even after the factors that led to that event have been removed. The coronavirus pandemic (or COVID-19) had such an effect, one that will last even after humankind finds a means to purge it. In...