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Innovation CommonsThe Origin of Economic Growth$
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Jason Potts

Print publication date: 2019

Print ISBN-13: 9780190937492

Published to Oxford Scholarship Online: August 2019

DOI: 10.1093/oso/9780190937492.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 13 November 2019

Conclusion

Conclusion

Chapter:
(p.221) 10 Conclusion
Source:
Innovation Commons
Author(s):

Jason Potts

Publisher:
Oxford University Press
DOI:10.1093/oso/9780190937492.003.0010

The chapter concludes the book by placing innovation commons in a broader sweep of economic history in order to emphasize the institutional origin of innovation as an outcome of cooperative pooling of information and knowledge. It argues that cooperation to create a common pool resource in order to discover entrepreneurial opportunities is the evolutionary origin of innovation. It explains the institutional origin of innovation as the governance to facilitate this cooperation in order to solve the fundamental economic problem of discovery of entrepreneurial opportunity. The solution is in the use of institutions to pool distributed information. It explores implications for economic theory, and particularly the increased importance of institutional analysis for understanding the economics of innovation, industrial dynamics and economic evolution. It concludes by arguing that the innovation commons is the original sharing economy.

Keywords:   uncertainty, commons, governance, group formation, institution, common-pool resource, entrepreneurial discovery, sharing economy

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