Macroeconomic Conditions and Successful Commercialization

Elizabeth Webster () and Paul Jensen

Melbourne Institute Working Paper Series from Melbourne Institute of Applied Economic and Social Research, The University of Melbourne

Abstract: The commercialization of inventions is an investment, similar to spending on plant and equipment, and accordingly we would expect it to be affected by macroeconomic conditions. Using data on the commercialization activity from over 4000 inventors, we find evidence that macroeconomic conditions have a pro-cyclical affect on commercialization activities. However, the magnitude of the supply-side effects – the cost of finance and level of public sector research – are estimated to be larger than the growth in aggregate or industry demand.

Keywords: Innovation; Commercialization; Invention; Appropriation (search for similar items in EconPapers)
JEL-codes: O31 O34 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2009-04
New Economics Papers: this item is included in nep-ino
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Persistent link: https://EconPapers.repec.org/RePEc:iae:iaewps:wp2009n09

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