Must-read: William Nordhaus: “Schumpeterian Profits in the American Economy: Theory and Measurement”

William Nordhaus (2004): Schumpeterian Profits in the American Economy: Theory and Measurement: “Schumpeterian profits… arise when firms…

…appropriate the returns from innovative activity… We conclude that only a minuscule fraction of the social returns from technological advances over the 1948-2001 period was captured by producers, indicating that most of the benefits of technological change are passed on to consumers rather than captured by producers.

December 29, 2015


Brad DeLong
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