Innovation: Market Failures and Public Policies

Kevin Bryan () and Heidi Williams ()

No 29173, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This is an invited chapter for the forthcoming Volume 4 of the Handbook of Industrial Organization. We summarize the state of the literature on the economics of innovation and highlight open policy questions. We first articulate the key market failures in markets for innovation, and then discuss how both scientific norms and market-oriented policies help overcome those market failures. We close by discussing recent work on the diffusion of inventions as well as on the links between innovation and inequality.

JEL-codes: O3 (search for similar items in EconPapers)
Date: 2021-08
New Economics Papers: this item is included in nep-com, nep-isf and nep-reg
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Citations: View citations in EconPapers (9)

Published as Kevin A. Bryan, Heidi L. Williams, Chapter 13 - Innovation: market failures and public policies☆☆We are grateful to many colleagues for constructive comments and suggestions, including Pierre Azoulay, Yongmin Chen, Florian Ederer, Nancy Gallini, Patrick Gaule, Danny Goroff, Dan Gross, Ryan Hill, Erik Hovenkamp, Michi Igami, Adam Jaffe, Ben Jones, Alice Kuegler, Lisa Larrimore Ouellette, Enrico Moretti, Jacob Moscona, Kyle Myers, Kartik Shastry, Tim Simcoe, Carolyn Stein, and Scott Stern. We are also grateful to many of our students for helping to improve this chapter, including Ryan Broll, Dante Domenella, Maya Durvasula, Helen Kissel, Tamri Matiashvili, Gideon Moore, Helena Roy, Maya Roy, and Ralph Skinner. Finally, we are very grateful to Adam Jaffe and Mark Steinmeyer for their encouragement to write this chapter., Editor(s): Kate Ho, Ali Hortaçsu, Alessandro Lizzeri, Handbook of Industrial Organization, Elsevier, Volume 5, Issue 1, 2021, Pages 281-388

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