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- W3121201065 abstract "I incorporate an insight of Friedrich Hayek - that competition allows a thousand flowers to bloom, and discovers the best among them - into a model of Schumpeterian innovation. Firms face uncertainty about the optimal direction of innovation, so more innovations implies a higher expected value of the `best' innovation. The model accounts for two seemingly contradictory relationships reported in recent empirical studies - a positive relationship between competition and industry-level productivity growth, and an inverted-U relationship between competition and firm-level innovation. Notwithstanding the positive relationship between competition and growth, I find antitrust policy reduces industry-level growth." @default.
- W3121201065 created "2021-02-01" @default.
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- W3121201065 date "2013-08-01" @default.
- W3121201065 modified "2023-09-25" @default.
- W3121201065 title "Competition as a Discovery Procedure: Schumpeter Meets Hayek in a Model of Innovation" @default.
- W3121201065 hasPublicationYear "2013" @default.
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