G a prize led h hertz 1894 to detect radio waves

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: atron e.g. A prize led H. Hertz (1894) to detect radio waves. Patronage e.g. Frederick the Great lured L. Euler & J.-L. Lagrange (mathematicians). Lecture 2: Institutions, Econ483: Econ of Innovation & Technology, Evangelia Chalioti c A ll rights reserved. Intro History Patents IP The golden age of invention 19th, 20th centuries e.g. automobiles, airplanes, radio, telephone, electric lights, phonographs etc Patents come into their own. Lecture 2: Institutions, Econ483: Econ of Innovation & Technology, Evangelia Chalioti c A ll rights reserved. Intro History Patents IP The golden age of invention But... - Patent applications were complicated. - Patent litigation created uncertainty & slowed the growth of industry. - Inventors sell their patents & leave development/manufacturing to others e.g. C. Hall (d. 1914) discovered a cost-e¤ective way to re…ne aluminum. He found venture capitalists to buy stock in what become Alcoa Aluminum. - Patents reward inventors ex-post. Lecture 2: Institutions, Econ483: Econ of Innovation & Technology, Evangelia Chalioti c A ll rig...
View Full Document

This note was uploaded on 03/16/2014 for the course ECON 483 taught by Professor Staff during the Spring '08 term at University of Illinois, Urbana Champaign.

Ask a homework question - tutors are online