Description:
The Economics of Persistent Innovation presents papers that provide definitions of persistence in firm innovative behavior, establish the significance of persistence, present a theory of persistence, and examine empirical evidence regarding both the extent and the determinants persistence. The topic is analyzed from several perspectives, including a Markovian model of innovation. The book discusses the main determinants of persistence and the reasons for its systematic heterogeneity across industries, technologies and countries. The characteristics of persistent inventors as revealed in patent data are explored for many industrial countries. An evolutionary theory of persistence in innovation is proposed. In conclusion the authors propose policy implications for support and development of innovation.