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Competition, Innovation and Increasing Returns

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Author Info
George B. Richardson
Abstract

This paper concerns the operation of competition in the presence of a high rate of innovation and increasing returns. Given free competition there is likely to exist, in this case, a tendency towards what may be called ‘dynamic equilibrium’, a tendency, that is to say, for the rate of investment in product development to rise or fall towards the level at which this investment yields only a normal return. Thus, competition, increasing returns and innovation may co-exist.

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Publisher Info
Paper provided by DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies in its series DRUID Working Papers with number 96-10.

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Date of creation: 1996
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Handle: RePEc:aal:abbswp:96-10

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Web page: http://www.druid.dk/

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Related research
Keywords: Innovation; increasing returns; competition;

Find related papers by JEL classification:
D40 - Microeconomics - - Market Structure and Pricing - - - General
D20 - Microeconomics - - Production and Organizations - - - General
D5 - Microeconomics - - General Equilibrium and Disequilibrium
B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925

Cited by:
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  1. Dieter Ernst, 2001. "The Internet's Effects on Global Production Networks: Challenges and Opportunities for Managing in Developing Asia," Economics Study Area Working Papers 33, East-West Center, Economics Study Area. [Downloadable!]
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