The Rate and Direction of Inventive Activity Revisited
Josh Lerner and Scott Stern, editors
Introduction
Josh Lerner and Scott Stern
I. Panel Discussion: The Impact of the 1962 Rate and Direction Volume, a Retrospective
Why was Rate and Direction So Important?
Nathan Rosenberg and Scott Stern
Some Features of Research by Economists on Technological Change Foreshadowed by The Rate and Direction of Inventive Activity
Richard R. Nelson
The Economics of Inventive Activity over Fifty Years
Kenneth J. Arrow
II. The University-Industry Interface
1. Funding Scientific Knowledge: Selection, Disclosure, and the Public-Private Portfolio
Joshua S. Gans and Fiona Murray
Comment: Suzanne Scotchmer
2. The Diffusion of Scientific Knowledge across Time and Space: Evidence from Professional Transitions for the Superstars of Medicine
Pierre Azoulay, Joshua S. Graff Zivin, and Bhaven N. Sampat
Comment: Adam B. Jaffe
3. The Effects of the Foreign Fulbright Program on Knowledge Creation in Science and Engineering
Shulamit Kahn and Megan MacGarvie
Comment: Paula E. Stephan
III. Market Structure and Innovation
4. Schumpeterian Competition and Diseconomies of Scope: Illustrations from the Histories of Microsoft and IBM
Timothy F. Bresnahan, Shane Greenstein, and Rebecca M. Henderson
Comment: Giovanni Dosi
5. How Entrepreneurs Affect the Rate and Direction of Inventive Activity
Daniel F. Spulber
Comment: Luis Cabral
6. Diversity and Technological Progress
Daron Acemoglu
Comment: Samuel Kortum
7. Competition and Innovation: Did Arrow Hit the Bull’s Eye?
Carl Shapiro
Comment: Michael D. Whinston
IV. The Sources and Motivations of Innovators
8. Did Plant Patents Create the American Rose?
Petra Moser and Paul W. Rhode
Comment: Jeffrey Furman
9. The Rate and Direction of Invention in the British Industrial Revolution: Incentives and Institutions
Ralf R. Meisenzahl and Joel Mokyr
Comment: David C. Mowery
10. The Confederacy of Heterogeneous Software Organizations and Heterogeneous Developers: Field Experimental Evidence on Sorting and Worker Effort
Kevin J. Boudreau and Karim R. Lakhani
Comment: Iain M. Cockburn
V. Panel Discussion: Innovation Incentives, Institutions, and Economic Growth
The Innovation Fetish among the Economoi: Introduction to the Panel on Innovation Incentives, Institutions, and Economic Growth
Paul A. David
Innovation Process and Policy: What Do We Learn from New Growth Theory?
Philippe Aghion
VI. The Social Impact of Innovation
11. The Consequences of Financial Innovation: A Counterfactual Research Agenda
Josh Lerner and Peter Tufano
Comment: Antoinette Schoar
12. The Adversity/Hysteresis Effect: Depression-Era Productivity Growth in the US Railroad Sector
Alexander J. Field
Comment: William Kerr
13. Generality, Recombination, and Reuse
Timothy F. Bresnahan
Comment: Benjamin Jones
VII. Panel Discussion: The Art and Science of Innovation Policy
The Art and Science of Innovation Policy: Introduction
Bronwyn H. Hall
Putting Economic Ideas Back into Innovation Policy
R. Glenn Hubbard
Why Is It So Difficult to Translate Innovation Economics into Useful and Applicable Policy Prescriptions?
Dominique Foray
Can the Nelson-Arrow Paradigm Still Be the Beacon of Innovation Policy?
Manuel Trajtenberg
Contributors
Author Index
Subject Index