TY - UNPB
T1 - Competition, Innovation and Increasing Returns
AU - Richardson, George B.
PY - 1996
Y1 - 1996
N2 - This paper concerns the operation of competition in the presence of a high rate of innovation and increasing returns. Given free competition there is likely to exist, in this case, a tendency towards what may be called ‘dynamic equilibrium’, a tendency, that is to say, for the rate of investment in product development to rise or fall towards the level at which this investment yields only a normal return. Thus, competition, increasing returns and innovation may co-exist.
AB - This paper concerns the operation of competition in the presence of a high rate of innovation and increasing returns. Given free competition there is likely to exist, in this case, a tendency towards what may be called ‘dynamic equilibrium’, a tendency, that is to say, for the rate of investment in product development to rise or fall towards the level at which this investment yields only a normal return. Thus, competition, increasing returns and innovation may co-exist.
M3 - Working paper
SN - 8778730104
T3 - DRUID Working Paper
BT - Competition, Innovation and Increasing Returns
PB - DRUID - Danish Research Unit for Industrial Dynamics
CY - Frederiksberg
ER -