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The economic importance of innovative activity brings with it an active debate on public policy's effect on the innovation process. This annual series, sponsored by the National Bureau of Economic Research, brings the work of leading academic researchers to the broader policy community. Volume 6 considers such topics as the diversity of patent protection and the implications of weak patents for innovation and competition; reforms in U.S. patent policy that will encourage innovation; the multifaceted benefits of the Internet for consumers, including price competition and novel forms of communication; the drug development and approval process; the "offshoring" of research and development; and the advantages of industry-specific studies of the relationship between innovation and competition. The papers highlight the role economic theory and empirical analysis can play in evaluating current and prospective innovation policy alternatives.
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edited by Adam B. Jaffe, Josh Lerner, and Scott Stern
The economic importance of innovative activity brings with it an active debate on public policy’s effect on the innovation process. This annual series, sponsored by the National Bureau of Economic Research, brings the work of leading academic researchers to the broader policy community. Volume 6 considers such topics as the diversity of patent protection and the implications of weak patents for innovation and competition; reforms in U.S. patent policy that will encourage innovation; the multifaceted benefits of the Internet for consumers, including price competition and novel forms of communication; the drug development and approval process; the “offshoring” of research and development; and the advantages of industry-specific studies of the relationship between innovation and competition. The papers highlight the role economic theory and empirical analysis can play in evaluating current and prospective innovation policy alternatives.
The MIT Press Massachusetts Institute of Technology Cambridge, Massachusetts 02142 http://mitpress.mit.edu 0-262-60068-4 978-0-262-60068-2
Volume 6
National Bureau of Economic Research edited by Adam B. Jaffe, Josh Lerner, and Scott Stern
Jaffe, Lerner, and Stern, editors
NBER Innovation Policy and the Economy series
Innovation Policy and the Economy
vol. 6
Adam B. Jaffe is Fred C. Hecht Professor in Economics and Dean of Arts and Sciences at Brandeis University. Josh Lerner is Jacob H. Schiff Professor of Investment Banking at Harvard Business School, with a joint appointment in the Finance and Entrepreneurial Management Units. Scott Stern is Associate Professor of Management and Strategy at the Kellogg School of Management, Northwestern University.
Innovation Policy and the Economy
Innovation Policy and the Economy, Volume 6
Table of Contents • Policy Implications of Weak Patent Rights • Innovation and Its Discontents • Consumer Benefit from Use of the Internet • Opportunities for Improving the Drug Development Process: Results from a Survey of Industry and the FDA • Does Globalization of the Scientific/Engineering Workforce Threaten U.S. Economic Leadership? • Looking for Mr. Schumpeter: Where Are We in the Competition-Innovation Debate?
Innovation Policy and the Economy 6
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Innovation Policy and the Economy 6
edited by Adam B. Jaffe, Josh Lerner, and Scott Stern
National Bureau of Economic Research Cambridge, Massachusetts The MIT Press Cambridge, Massachusetts London, England
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NBER/Innovation Policy and the Economy, Number 6, 2006 ISSN: 1531-3468 ISBN 10: 0-262-10118-1—ISBN 13: 978-0-