Abstract
Invention is here interpreted broadly as the production of knowledge. From the viewpoint of welfare economics, the determination of optimal resource allocation for invention will depend on the technological characteristics of the invention process and the nature of the market for knowledge.
Keywords
WelfareEconomicsEconomic welfareNatural resource economicsBusinessMarket economy
Related Publications
Social Capital in the Creation of Human Capital
There are two broad intellectual streams in the description and explanation of social action. One, characteristic of the work of most sociologists, sees the actor as socialized ...
What Firms Do? Coordination, Identity, and Learning
Firms are organizations that represent social knowledge of coordination and learning. But why should their boundaries demarcate quantitative shifts in the knowledge and capabili...
Strategic Factor Markets: Expectations, Luck, and Business Strategy
Much of the current thinking about competitive strategy focuses on ways that firms can create imperfectly competitive product markets in order to obtain greater than normal econ...
Entrepreneurial and Consumer Demand Theories for Commodity Spectra: Part I
1. Deference to the reader calls for a blueprint of the article's contents. Its contributions are of two distinct varieties. The first and prime contribution consists in the ext...
Strategic assets and organizational rent
Abstract We build on an emerging strategy literature that views the firm as a bundle of resources and capabilities, and examine conditions that contribute to the realization of ...
Publication Info
- Year
- 1962
- Type
- book-chapter
- Pages
- 609-626
- Citations
- 8532
- Access
- Closed
External Links
Social Impact
Altmetric
PlumX Metrics
Social media, news, blog, policy document mentions
Citation Metrics
8532
OpenAlex
Cite This
Kenneth J. Arrow
(1962).
Economic Welfare and the Allocation of Resources for Invention.
Princeton University Press eBooks
, 609-626.
https://doi.org/10.1515/9781400879762-024
Identifiers
- DOI
- 10.1515/9781400879762-024