William Nordhaus estimates that firms recover maybe 2% of the value they create by developing new technologies.
Isn’t this the wrong metric? 2% of the value of a new technology might be a lot of money, far in excess of the R&D cost required to create it.
Isn’t this the wrong metric? 2% of the value of a new technology might be a lot of money, far in excess of the R&D cost required to create it.