Author:
Aghion Philippe,Cherif Reda,Hasanov Fuad
Abstract
Abstract
The chapter provides an overview of the theories and empirical evidence on the complex relationship among innovation, competition, and inclusive growth. Competition and innovation-led growth are critical to drive productivity gains and supports broad-based growth. However, new technologies and trends in market concentration are stifling future innovation while contributing to the marked increase in inequality. Beyond consumer welfare in a narrow market, competition policy should adapt to this new reality by considering the spillover and dynamic effects of market power, especially on firm entry, innovation and inequality. Innovation policies should tackle not only government failures but also market failures.
Publisher
Oxford University PressOxford
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