What drives innovation? How does it contribute to the growth of firms, industries, and economies? And do intellectual property rights help or hurt innovation and growth? Uniquely combining microeconomics, macroeconomics, and theory with empirical analysis drawn from the United States and Europe, this book introduces graduate students and advanced undergraduates to the complex process of innovation. By addressing all the major dimensions of innovation in a single text, Christine Greenhalgh and Mark Rogers are able to show how outcomes at the microlevel feed through to the macro-outcomes that in turn determine personal incomes and job opportunities.
In four sections, this textbook comprehensively addresses the nature of innovation and intellectual property, the microeconomics and macroeconomics of innovation, and economic policy at the firm and macroeconomic levels. Among the topics fully explored are the role of intellectual property in creating incentives to innovate; the social returns of innovation; the creation and destruction of jobs by innovation; whether more or fewer intellectual property rights would give firms better incentives to innovate; and the contentious issues surrounding international treaties on intellectual property.
Clearly organized and highly readable, the book is designed to be accessible to readers without advanced economics backgrounds. Most technical materials appear in boxed inserts and appendixes, and numerous graphs and tables elucidate abstract concepts.
"This excellent book fills a need for an undergraduate- and master's-level text on the economics of innovation, one that covers both the micro- and macroeconomic aspects. It will also be useful reading for anyone who wants an introduction to the way economists analyze topics such as research and development incentives and innovation, and how these factors contribute to growth."--Bronwyn H. Hall, University of California, Berkeley, and University of Maastricht
"This important book breaks new ground in identifying and analyzing the key ingredients driving economic growth. By weaving together the links between intellectual property and innovative activity and their ultimate impact on growth, Greenhalgh and Rogers provide a new and original framework for guiding both public policy and future scholarship, one that is compelling and accessible."--David Audretsch, Max Planck Institute of Economics and Indiana University
"The authors have achieved the remarkable feat of comprehensively summarizing the extensive and diverse literature on the sources, types, and effects of modern innovation. The book will appeal to advanced undergraduates and master's-level students and is likely to become a standard reference and text for courses in innovation, management strategy, and global business."--Keith E. Maskus, University of Colorado at Boulder
"Greenhalgh and Rogers have gifted us with a comprehensive perspective on the micro- and macroeconomics of innovation. This is a precious companion for all those who want to achieve a deeper understanding of the complex dynamics of innovation."--Roberto Verganti, author of Design-Driven Innovation
"[T]his textbook clearly will fill a gap in the market and is well designed to raise important questions in a student's mind. The bringing together of both micro- and macro-economic considerations, the strong treatment of statistical difficulties in analyzing these topics, and the consideration of the impact of innovation on wages and jobs are all major advances. The authors are to be congratulated."--Hazel V. J. Moir, Prometheus PART I: The Nature of Innovation 1 Chapter 2: The Nature and Role of Intellectual Property 32 Chapter 3: The Measurement of Innovation, Productivity, and Growth 57 PART II: The National Innovation System 85 Chapter 5: Innovative Firms and Markets 116 Chapter 6: Intellectual Property Rights and Firms 149 Chapter 7: Diffusion and Social Returns 177 PART III: The Macroeconomics of Innovation 211 Chapter 9: Innovation and Globalization 243 Chapter 10: Technology, Wages, and Jobs 268 PART IV: Economic Policy 295 Chapter 12: Macroeconomic Issues and Policy 329 Mathematical Appendix 353
References xvi
Chapter 1: The Nature and Importance of Innovation 3
1.1 Introduction 3
1.2 What Is Innovation? 4
1.3 The Microeconomic Effects of Innovation 9
1.4 Interaction between Producers and Users of Innovation 16
1.5 Innovations and Market Failure 17
1.6 Restoring Incentives to Invent and Innovate 23
1.7 Firms Competing through Innovation 28
1.8 Conclusion 29
References 30
2.1 Introduction 32
2.2 Why Are Intellectual Property Rights Awarded? 32
2.3 Patents 34
2.4 Trademarks 39
2.5 Designs and Utility Models 43
2.6 Copyright 45
2.7 Further Questions about IPRs 49
2.8 Conclusions 53
References 55
3.1 Introduction 57
3.2 How Can Innovation Be Measured? 58
3.3 Illustrations of Innovation Statistics 64
3.4 Productivity at the Firm, Industry, and Economy Level 70
3.5 Comparing Productivity and Growth across Countries 74
3.6 Conclusion 80
References 82
Chapter 4: The National Innovation System 87
4.1 Introduction 87
4.2 The National Innovation System 87
4.3 The Central Role of R&D 88
4.4 The Government-University Axis 92
4.5 The University-Business Axis 95
4.6 The Government-Business Axis 103
4.7 National Innovation Systems in Emerging Markets 106
4.8 Conclusions 110
References 112
5.1 Introduction 116
5.2 Entrepreneurship and New Firms 116
5.3 Innovation and Firms 119
5.4 Markets and Innovation 121
5.5 Empirical Evidence on the Returns to Innovation 132
5.6 Evidence on Interactions between Competition and Innovation 140
5.7 Conclusions 142
References 145
6.1 Introduction 149
6.2 How Can Firms Benefit from IPRs? 150
6.3 Exploring the Returns to IPRs 152
6.4 Markets for IPRs 157
6.5 Costs of Obtaining and Enforcing IPRs 160
6.6 IPR Strategies 162
6.7 Empirical Studies on the Value of IPRs 164
6.8 Conclusions 171
References 173
7.1 Introduction 177
7.2 Modeling the Rate of Adoption of an Innovation 179
7.3 Statistical Evidence on Rates of Adoption 186
7.4 Spillovers and Social Returns to Innovation 190
7.5 Empirical Studies of Social Returns 199
7.6 Spatial Dimensions of Spillovers 204
7.7 Conclusions 205
References 207
Chapter 8: Models of Economic Growth 213
8.1 Introduction 213
8.2 The Neoclassical Growth Model 215
8.3 Endogenous Growth Models 225
8.4 Evolutionary and Other Models 237
8.5 Conclusions 239
References 241
9.1 What Is Globalization? 243
9.2 World Trade in Historical Perspective 245
9.3 Theories of Trade and Growth 246
9.4 International Knowledge and Technology Flows: Theory and Evidence 250
9.5 International Financial Flows 256
9.6 International Aspects of IPRs 260
9.7 Conclusions 263
References 266
10.1 Introduction 268
10.2 Microeconomic Models of Innovation and Labor Markets 268
10.3 Innovation and Labor Markets: Evidence from Firms 275
10.4 Macroeconomic and Trade Models of Innovation and Labor Markets 280
10.5 Conclusions 289
References 291
Chapter 11: Microeconomic Policies to Promote Firm-Level Innovation 297
11.1 Introduction 297
11.2 Is the Intellectual Property System Working? 297
11.3 Incentive Systems for Encouraging Firm-Level R&D 313
11.4 Other Innovation Policies 317
11.5 Conclusions 323
References 325
12.1 Introduction 329
12.2 Macroeconomic Evidence on IPRs and Economic Growth 330
12.3 Trade-Related Aspects of Intellectual Property (TRIPS) 334
12.4 Intellectual Property Rights, Exhaustion, and Parallel Imports 340
12.5 Piracy and Counterfeit 342
12.6 R&D in the Global Economy 344
12.7 International Migration of Skilled Labor 346
12.8 Conclusions 347
References 349
A.1 Production Functions 353
A.2 Present Discounted Value 354
A.3 Derivatives 355
A.4 Marginal Products and Diminishing Returns 356
A.5 Accumulation Equations and Growth Rates 357
A.6 Logarithms and Production Functions 358
A.7 Differential Equations and a Catch-up Model 358
A.8 Estimating Production Functions 359
References 360
Index 361
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