Against Intellectual Monopoly by Michele Boldrin;David K. Levine

Author:Michele Boldrin;David K. Levine [Levine, Michele Boldrin;David K.]
Language: eng
Format: epub, mobi
Published: 2008-07-12T20:11:00+00:00

In short, the uncertainty surrounding the success of an innovation changes the specific calculations of how likely it is to take place; this is true with or without intellectual monopoly. But the basic theory of competitive innovation does not change on account of uncertainty - an uncertain outcome is equivalent to earning a lower rent or to having a higher cost.

The Social Value of Imitation

Imitation is a great thing. It is among the most powerful technologies humans have ever developed: there is a debate over the extent to which living beings other than Homo sapiens can actually learn through imitation. In spite of the miracles that our mimetic instinct has been performing for us over the millennia, imitation has received very bad press in the literature concerned with innovation and ideas. This is not a view that we share, as imitation is a powerful tool of economic development.

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