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Macroeconomic conditions and the determinants of commercialisation

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  • Paul H. Jensen
  • Elizabeth Webster

Abstract

In this paper, we focus on the effects of macroeconomic conditions on commercialisation. Using survey data on the activities of Australian inventors who attempted to commercialise 3,736 inventions over the period 1986--2005, we find evidence that macroeconomic conditions have a pro-cyclical effect on commercialisation activities. Such a finding has important policy implications since it suggests that recessions have both short-term effects (on employment, income) and long-term effects (on productivity). However, the magnitude of the supply-side effects--the cost of finance and level of public sector research--are estimated to be larger than the growth in aggregate or industry demand. Copyright The Author 2010. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Paul H. Jensen & Elizabeth Webster, 2011. "Macroeconomic conditions and the determinants of commercialisation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 35(1), pages 125-143.
    • Handle: RePEc:oup:cambje:v:35:y:2011:i:1:p:125-143
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    File URL: http://hdl.handle.net/10.1093/cje/beq012
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    Cited by:

    1. Omer Majeed & Jonathan Hambur & Robert Breunig, 2024. "Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data," RBA Research Discussion Papers rdp2024-01, Reserve Bank of Australia.
    2. Dominique Foray & Gaetan de Rassenfosse & George Abi Younes & Charles Ayoubi & Omar Ballester & Gabriele Cristelli & Matthias van den Heuvel & Ling Zhou & Gabriele Pellegrino & Patrick Gaulé & Elizab, 2020. "COVID-19: Insights from Innovation Economists," Working Papers 10, Chair of Science, Technology, and Innovation Policy.
      • Younes, George Abi & Ayoubi, Charles & Ballester, Omar & Cristelli, Gabriele & de Rassenfosse, Gaetan & Foray, Dominique & Gaule, Patrick & Pellegrino, Gabriele & van den Heuvel, Matthias & Webster, B, 2020. "COVID-19_Insights from Innovation Economists," SocArXiv b5zae, Center for Open Science.
    3. Younes, George Abi & Ayoubi, Charles & Ballester, Omar & Cristelli, Gabriele & de Rassenfosse, Gaetan & Foray, Dominique & Gaule, Patrick & van den Heuvel, Matthias & Webster, Beth & Zhou, Ling, 2020. "COVID-19: Insights from Innovation Economists (with French executive summary)," SocArXiv 65pgr, Center for Open Science.

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