ABOUT THIS BOOK

This volume presents studies from experts in twelve industries, providing insights into the future role of innovation and entrepreneurship in driving economic growth across sectors.

We live in an era in which innovation and entrepreneurship seem ubiquitous, particularly in regions like Silicon Valley, Boston, and the Research Triangle Park. But many metrics of economic growth, such as productivity growth and business dynamism, have been at best modest in recent years. The resolution of this apparent paradox is dramatic heterogeneity across sectors, with some industries seeing robust innovation and entrepreneurship and others seeing stagnation. By construction, the impact of innovation and entrepreneurship on overall economic performance is the cumulative impact of their effects on individual sectors. Understanding the potential for growth in the aggregate economy depends, therefore, on understanding the sector-by-sector potential for growth. This insight motivates the twelve studies of different sectors that are presented in this volume. Each study identifies specific productivity improvements enabled by innovation and entrepreneurship, for example as a result of new production technologies, increased competition, or new organizational forms. These twelve studies, along with three synthetic chapters, provide new insights on the sectoral patterns and concentration of the contributions of innovation and entrepreneurship to economic growth.

AUTHOR BIOGRAPHY

Michael J. Andrews is assistant professor of economics at the University of Maryland, Baltimore County. Aaron K. Chatterji is the Mark Burgess and Lisa Benson-Burgess Distinguished Professor at Duke University’s Fuqua School of Business, professor at the Sanford School of Public Policy, and a research associate of the National Bureau of Economic Research. Josh Lerner is chair of the Entrepreneurial Management Unit and the Jacob H. Schiff Professor of Investment Banking at Harvard Business School. He is a research associate and codirector of the Productivity, Innovation, and Entrepreneurship Program at the National Bureau of Economic Research. Scott Stern is the David Sarnoff Professor of Management and chair of the Technological Innovation, Entrepreneurship, and Strategic Management Group at MIT Sloan School of Management. He is a research associate and director of the Innovation Policy Working Group at the National Bureau of Economic Research.

TABLE OF CONTENTS

Introduction: Beyond 140 Characters

1. The “Weighty” Manufacturing Sector: Transforming Raw Materials into Physical Goods

2. Concentration and Agglomeration of IT Innovation and Entrepreneurship: Evidence from Patenting

3. Innovation, Growth, and Structural Change in American Agriculture

Comment

4. Innovation and Entrepreneurship in the Energy Sector

5. What’s Driving Entrepreneurship and Innovation in the Transportation Sector?

Comment

6. The Recent Evolution of Physical Retail Markets: Online Retailing, Big Box Stores, and the Rise of Restaurants

Comment

7. The Servicification of the US Economy: The Role of Startups versus Incumbent Firms

Comment

8. Digitization and Its Consequences for Creative-Industry Product and Labor Markets

Comment

9. Innovation in the US Government

Comment

10. Venture Capital–Led Entrepreneurship in Health Care

11. Innovation and Entrepreneurship in Housing

Comment

12. Education and Innovation

Comment

Panel Remarks: Creating “Smart” Policy to Promote Entrepreneurship and Innovation

Panel Remarks: Measuring Business Innovation Using a Multidimensional Approach

13. Where Innovation Happens, and Where It Does Not

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