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Economic Approaches to Innovation
Economic modelling of innovation demands a great deal from economists since it requires them to analyse the new and unknown. This volume brings together contributions from a distinguished group of scholars who review a wide range of different theoretical and empirical economic approaches to this important topic. Beginning with a survey of recent economic analysis on the role of innovation in driving growth, this volume features papers on the mainstream approaches to the welfare economics of innovation, the pitfalls and delays involved in bringing major inventions to market and the public subsidy of research. Later chapters examine pricing strategies for new products, models of productivity growth, knowledge spillovers across national boundaries and the effect of innovation on income distribution. While recognising the many non-economic factors needed to explain innovation, Economic Approaches to Innovation demonstrates that economic analysis has much to offer in its modelling of key concepts such as uncertainty, private information, incentives and public goods.
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What Reviewers Are Saying
'... a valuable set of papers which will interest both neoclassical and neo-Schumpeterian economists.' -- Christopher Freeman, SPRU - Science and Technology Policy Research, University of Sussex, UK and Maastricht University, the Netherlands 'Economic Approaches to Innovation gives a favourable account of neoclassical and neo-Schumpeterian innovation economics. It is not only a study reflecting the state of the art, it is also a very digestable reader on an essentially difficult strand of research. As such, it may be recommended as a primary source for university courses in the economics of innovation.' -- Almut Oetjen, Kyklos '... the papers in this volume present some useful discussion...' -- Joanna Poyago-Theotoky, The Economic Journal