Innovation Policy and the Economy (NBER Innovation Policy by Adam B. Jaffe, Josh Lerner, Scott Stern

By Adam B. Jaffe, Josh Lerner, Scott Stern

This annual sequence, backed by means of the nationwide Bureau of monetary examine, presents a discussion board for study at the interactions between public coverage, the innovation approach, and the financial system. Discussions conceal every kind of coverage that have an effect on the facility of an economic climate to accomplish clinical and technological development or that impact the effect of technology and expertise on monetary progress. The books are designed to be of curiosity to basic readers attracted to public coverage in addition to to economists.

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The legal doctrines and economic analysis that underlie antitrust policy have largely developed without a focus on dynamic technological competition. Because of the prevalence of market power in high-tech industries, it is important to understand the fit between existing policy and the features of these industries. The proper application of antitrust doctrines such as predation, tying, and exclusive contracts to high-tech industries is an issue of significant importance. These issues have received a fair amount of theoretical attention, so we touch on them briefly and only make some general observations.

Journal of Financial Economics 3:305– 360. Kortum, Samuel, and Josh Lerner. 2000. ” Rand Journal of Economics 31:674–692. Kreutzer, Laura. 2001. ” Private Equity Analyst 11(January):85–86. Lerner, Josh. 1997. ” Rand Journal of Economics 28:228–247. , and Nicholas S. Majluf. 1984. ” Journal of Financial Economics 13:187–221. Poterba, James M. 1989. , Tax Policy and the Economy, volume 3. Cambridge, MA: The MIT Press. Reyes, Jesse E. 1990. ” Venture Capital Journal 30(September):23–27. , and Howard Stevenson.

While evidence regarding the financing of these firms is imprecise, Freear and Wetzel’s (1990) survey suggests that venture capital accounts for about two-thirds of the external equity financing raised by privately held technology-intensive businesses from private sector sources. 5. These results are also consistent with theoretical work on herding by investment managers. These models suggest that when, for instance, investment managers are assessed on the basis of their performance relative to their peers (rather than against some absolute benchmark), they may end up making investments to similar to each other.

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