Macroeconomic Conditions and Successful Commercialization
AbstractThe 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 InfoPaper 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.
Length: 20 pages
Date of creation: Apr 2009
Date of revision:
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Innovation; Commercialization; Invention; Appropriation;
Find related papers by JEL classification:
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- O34 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Intellectual Property Rights
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