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Innovation and incentives: evidence from biotech

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  • Enrico Moretti
  • Daniel J. Wilson

Abstract

Financial incentives from state governments are part of a growing trend of policies designed to spur innovation clusters in specific regions. Biotechnology industry clusters in particular have benefited from these subsidies, which have boosted the number of star biotech scientists in those states by roughly 15%. Likewise, the number of biotech jobs overall has grown in states that offered incentives, although they have had little impact on salaries. Incentives have also spilled over to generate sizable effects in local service sectors.

Suggested Citation

  • Enrico Moretti & Daniel J. Wilson, 2014. "Innovation and incentives: evidence from biotech," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfel:00039
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