Productivity and Innovation

Jan Lorenz, Fabrizio Zilibotti, Michael König, 19 November 2015

Received wisdom would make you think that you need lots of small firms that are innovating in order to push productivity in an economy. This column provides data suggesting that large firms with high productivity growth can act as technological leaders and supply the economy with a continuous stream of innovations. Overly strong patent protection can significantly reduce growth and increase inequality.

Petra Moser, 04 November 2015

The effects of copyright laws on artistic creativity are difficult to identify. This column looks back at 19th century Lombardy and Venetia where, following annexation by Napoleon, basic copyright protection was adopted. The copyright laws raised both the quantity and quality of Italian opera. The findings have important implications for modern debates about protecting intellectual property.

Rick Watson, 02 November 2015

Small and medium-sized European businesses find it hard to raise capital, especially during their development phase. This column compares the situation in the US and Europe and suggests that many SMEs in Europe still face significant difficulties in identifying and accessing sources of funding. Promoting greater equity involvement and improving access to and information on all of the various funding options would do much to boost growth.

Hyeog Ug Kwon, 20 October 2015

Though Japanese firms benefit from a high-quality workforce and invest in R&D as much as their US counterparts, they fall behind US firms in terms of their earning power. This column suggests that corporate structures in the two countries could be an explanation for this phenomenon. The findings indicate that CEOs of US firms aim to maximise profits, whereas CEOs of Japanese firms prioritise long-term corporate survival.

Hyunbae Chun, Tsutomu Miyagawa, Hak K. Pyo, Konomi Tonogi, 09 October 2015

Economists increasingly stress the importance of investment in intangibles such as human and knowledge capital as a way to stimulate economic growth. This column examines how intangibles contribute to economic growth in Japan and Korea. Though intangible investment has increased in both countries in recent decades, the amount of tangible investment has been greater. This is different from what is observed in western advanced economies, which can be explained by the less developed financial markets in eastern Asia.

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