The nonrivalry of ideas gives rise to increasing returns, a fact celebrated in Paul Romer's
recent Nobel Prize. An implication is that the long-run rate of economic growth is the product …

Abstract In 2018, Paul Romer and William Nordhaus shared the Sveriges Riksbank Prize in
Economic Sciences in Memory of Alfred Nobel. Romer was recognized “for integrating …

Economic theory suggests that market economies are likely to underprovide innovation
because of the public good nature of knowledge. Empirical evidence from the United States …

Long-run growth in many models is the product of two terms: the effective number of
researchers and their research productivity. We present evidence from various industries …

We study the welfare costs of markups in a dynamic model with heterogeneous firms and
endogenous markups. We provide aggregation results summarizing the macro implications …

This paper offers a unified explanation for the slowdown of productivity growth, the decline in
business dynamism, and the rise of market power. Using a quantitative framework, I show …

We propose a new measure of the economic importance of each innovation. Our measure
uses newly collected data on patents issued to US firms in the 1926 to 2010 period …

This study provides a new theoretical result that a decline in the long‐term interest rate can
trigger a stronger investment response by market leaders relative to market followers …

In many models, economic growth is driven by people discovering new ideas. These models
typically assume either a constant or growing population. However, in high income countries …

For exiting products, statistical agencies often impute inflation from surviving products. This
understates growth if creatively-destroyed products improve more than surviving ones. If so …