We review the accounting literature on innovation, focusing on the economic attributes of
innovation that collectively differentiate innovation from other assets: novelty, nonrivalry, and …

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 …

Using data on 800,000 corporate publications and patent citations to these publications
between 1980 and 2015, we study how corporate investment in research is linked to its use …

We study a Chinese policy that awards substantial tax cuts to firms with R&D investment
over a threshold or “notch.” Quasi-experimental variation and administrative tax data show a …

A new and urgently needed guide to making the American economy more competitive at a
time when tech giants have amassed vast market power. The US economy is growing less …

Innovation is central to long-run economic growth. This chapter summarizes the state of the
literature on the economics of innovation, highlighting open policy questions. We first …

Firms have inefficiently low incentives to innovate when other firms benefit from their
inventions and the innovating firm therefore does not capture the full surplus of its …

This paper studies knowledge spillovers, positive externalities that augment the information
set of an economic agent, and reviews the evidence on such spillovers in the context of …

We examine how product market competition affects the disclosure of innovation. Theory
posits that product market competition can cause firms to increase their disclosure of …