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Macroeconomic conditions and the determinants of commercialisation


  • Paul H. Jensen
  • Elizabeth Webster


In this paper, we focus on the effects of macroeconomic conditions on commercialisation. Using survey data on the activities of Australian inventors who attempted to commercialise 3,736 inventions over the period 1986--2005, we find evidence that macroeconomic conditions have a pro-cyclical effect on commercialisation activities. Such a finding has important policy implications since it suggests that recessions have both short-term effects (on employment, income) and long-term effects (on productivity). 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. Copyright The Author 2010. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

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  • Paul H. Jensen & Elizabeth Webster, 2011. "Macroeconomic conditions and the determinants of commercialisation," Cambridge Journal of Economics, Oxford University Press, vol. 35(1), pages 125-143.
  • Handle: RePEc:oup:cambje:v:35:y:2011:i:1:p:125-143

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    References listed on IDEAS

    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
    2. Ke Tang & Wei Xiong, 2010. "Index Investment and Financialization of Commodities," NBER Working Papers 16385, National Bureau of Economic Research, Inc.
    3. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
    4. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, January.
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