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Macroeconomic Conditions and Successful Commercialization

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  • Elizabeth Webster

    ()
    (Melbourne Institute of Applied Economic and Social Research, The University of Melbourne)

  • Paul H. Jensen

    ()
    (Melbourne Institute of Applied Economic and Social Research, The University of Melbourne)

Abstract

The commercialization of inventions is an investment, similar to spending on plant and equipment, and accordingly we would expect it to be affected by macroeconomic conditions. Using data on the commercialization activity from over 4000 inventors, we find evidence that macroeconomic conditions have a pro-cyclical affect on commercialization activities. However, the magnitude of the supply-side effects – the cost of finance and level of public sector research – are estimated to be larger than the growth in aggregate or industry demand.

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Bibliographic Info

Paper provided by Melbourne Institute of Applied Economic and Social Research, The University of Melbourne in its series Melbourne Institute Working Paper Series with number wp2009n09.

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Length: 20 pages
Date of creation: Apr 2009
Date of revision:
Handle: RePEc:iae:iaewps:wp2009n09

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Postal: Melbourne Institute of Applied Economic and Social Research, The University of Melbourne, Victoria 3010 Australia
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Web page: http://www.melbourneinstitute.com/
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Keywords: Innovation; Commercialization; Invention; Appropriation;

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  1. Roberto Fontana & Marco Guerzoni, 2008. "Incentives and uncertainty: an empirical analysis of the impact of demand on innovation," Cambridge Journal of Economics, Oxford University Press, vol. 32(6), pages 927-946, November.
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  7. Bruno Van Pottelsberghe & Dominique Guellec, 2003. "The impact of public R&D expenditure on business R&D," ULB Institutional Repository 2013/6213, ULB -- Universite Libre de Bruxelles.
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  11. repec:fth:harver:1473 is not listed on IDEAS
  12. Guido Buenstorf, . "Designing Clunkers: Demand-Side Innovation and the Early History of the Mountain Bike," Papers on Economics and Evolution 2001-05, Max Planck Institute of Economics, Evolutionary Economics Group.
  13. Patrick Francois & Huw Lloyd-Ellis, 2003. "Animal Spirits Through Creative Destruction," American Economic Review, American Economic Association, vol. 93(3), pages 530-550, June.
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