Innovation Policy and the Economy Volume 3 National Bureau of Economic Research edited by Adam B. Jaffe, Josh Lerner, and Scott Stern Table of Contents • Short-Term America Revisited? Boom and Bust in the Venture Capital Industry and the Impact on Innovation • Intellectual Property, Antitrust, and Strategic Behavior • Federal R&D in the Antiterrorist Era • Intellectual Property and the Availability of Pharmaceuticals in Poor Countries • The Global Innovation Divide Innovation Policy and the Economy 3 This Page Intentionally Left Blank Innovation Policy and the Economy 3 edited by Adam B. Jaffe, Josh Lerner, and Scott Stern National Bureau of Economic Research Cambridge, Massachusetts The MIT Press Cambridge, Massachusetts London, England NBER/Innovation Policy and the Economy, Number 3, 2003 ISSN: 1531-3468 ISBN: Hardcover 0-262-10100-9 ISBN: Paperback 0-262-60051-X Published annually by The MIT Press, Cambridge, Massachusetts 02142-1407 2003 by the National Bureau of Economic Research and the Massachusetts Institute of Technology All rights reserved. No part of this book may be reproduced in any form by any electronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from the publisher. Standing orders/subscriptions are available. Inquiries, and changes to subscriptions and addresses should be addressed to MIT Press Standing Order Department/BB, Five Cambridge Center, Cambridge, MA 02142-1407, phone 617-258-1581, fax 617-253-1709, email
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[email protected], website http://mitpress.mit.edu This book was set in Palatino by Achorn Graphic Services, Inc., Worcester, Massachusetts and was printed and bound in the United States of America. 10 9 8 7 6 5 4 3 2 1 National Bureau of Economic Research Officers Carl F. Christ, Chairman Michael H. Moskow, Vice Chairman Martin Feldstein, President and Chief Executive Officer Susan Colligan, Vice President for Administration and Budget and Corporate Secretary Robert Mednick, Treasurer Kelly Horak, Controller and Assistant Corporate Secretary Gerardine Johnson, Assistant Corporate Secretary Directors at Large Peter C. Aldrich Elizabeth E. Bailey John H. Biggs Andrew Brimmer Carl F. Christ John S. Clarkeson Don R. Co