IER Lawrence Klein lecture
Published
2004
Publisher
Federal Reserve Bank of Minneapolis
Description
"In the modern theory of growth, monopoly plays a crucial role both as a cause and an effect of innovation. Innovative firms, it is argued, would have insufficient incentive to innovate should the prospect of monopoly power not be present. This theme of monopoly runs throughout the theory of growth, international trade, and industrial organization. We argue that monopoly is neither needed for, nor a necessary consequence of, innovation. In particular, intellectual property is not necessary for, and may hurt more than help, innovation and growth. We argue that, as a practical matter, it is more likely to hurt"--Federal Reserve Bank of Minneapolis web site.
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The publication date for this specific edition is 2004. The original work may have been published on a different date.