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
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Publication Info
- Year
- 1962
- Type
- book-chapter
- Pages
- 609-626
- Citations
- 8532
- Access
- Closed
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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