Nurturing the accumulation of innovations

Description

"The innovations the became the foundation for the Internet originate from two eras that illustrate two distinct models for accumulating innovations over the long haul. The pre-commercial era illustrates the operation of several useful non-market institutional arrangements. It also illustrates a potential drawback to government sponsorship - in this instance, truncation of exploratory activity. The commercial era illustrates a rather different set of lessons. It highlights the extraordinary power of market-oriented and widely distributed investment and adoption, which illustrates the power of market experimentation to foster innovative activity. It also illustrates a few of the conditions necessary to unleash value creation from such accumulated lessons, such as standards development and competition, and nurturing legal and regulatory policies"--National Bureau of Economic Research web site.

Subjects

Series Statement

• NBER working paper series -- working paper 15905
• Working paper series (National Bureau of Economic Research : Online) -- working paper no. 15905.

Links

• External source