Why the private sector under invests in innovation

added blog Financial Services

2023-05-11 20:18:37 -

Key points New technology often has positive externalities—in other words, there are often spillovers from the invention of new technology that benefit firms other than the innovator. The social benefit of an invention, once these spillovers are taken into account, typically exceeds the private benefit to the inventor. Competition creates pressure to innovate....

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