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We explore the role of technological innovation as a source of economic growth by constructing direct measures of innovation at the firm level. We combine patent data for US firms from 1926 to 2010 with the stock market response to news about patents to assess the economic importance of each innovation. We use our innovation measure to directly test the(More)
The idea that technological revolutions can explain major swings in stock market value is occupying an increasingly prominent role in the literature on the economics of financial markets. Both the 1990s and the 1920s stock market runups have been linked to the arrival of new technologies and the accumulation of intangible capital by firms No study, however,(More)
Lerner for very thorough and astute comments, and Jim Bessen and the NBER productivity lunch for further suggestions on how to improve this piece. Two anonymous referees also made a significant contribution. Are firms with strong market positions powerful engines of technological progress? Joseph Schumpeter thought so, but his hypothesis has proved(More)
Antitrust policy should reflect changing viewpoints about the nature of innovation , but pinning down what drives innovation is not a simple task. Scholars at the intersection of law and economics have long grappled with the question, and so far only very broad generalizations appear possible. Primarily , we know that innovation contributes positively to(More)
Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Abstract We examine the effect of prizes on innovation using data on awards for technological development offered by the(More)