{
  "title": "Competition, Innovation, and Inclusive Growth",
  "publication": "IMF Working Papers, March 19, 2021",
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  "summary": "We provide an overview of the theories and empricial evidence on the complex relationship among innovation, competition, and inclusive growth. Competition and innovation-led growth are critical to drive productivity gains and support broad-based growth.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- We provide an overview of the theories and empricial evidence on the complex relationship among innovation, competition, and inclusive growth.\n- Competition and innovation-led growth are critical to drive productivity gains and support broad-based growth.\n- New technologies and trends in market concentration are stifling future innovation while contributing to the marked increase in inequality.\n- Beyond consumer welfare in a narrow market, competition policy should adapt to this new reality by considering the spillover and dynamic effects of market power, especially on firm entry, innovation, and inequality.\n- Innovation policies should tackle not only government failures but also market failures."
    },
    {
      "heading": "Key findings and themes",
      "content": "- Competition and innovation-led growth drive productivity gains and support broad-based growth.\n- New technologies and trends in market concentration:\n  - are stifling future innovation;\n  - contribute to the marked increase in inequality.\n- Market power has spillover and dynamic effects on:\n  - firm entry;\n  - innovation;\n  - inequality.\n- Innovation policy should address both:\n  - government failures;\n  - market failures."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Competition policy should:\n  - move beyond focusing solely on consumer welfare in a narrow market;\n  - consider spillover and dynamic effects of market power on entry, innovation, and inequality.\n- Innovation policy should:\n  - tackle not only government failures but also market failures.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2021/03/19/competition-innovation-and-inclusive-growth-50269"
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    "Authors: Reda Cherif, Fuad Hasanov",
    "Published: March 19, 2021",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513574172.001",
    "We provide an overview of the theories and empricial evidence on the complex relationship among innovation, competition, and inclusive growth.",
    "Competition and innovation-led growth are critical to drive productivity gains and support broad-based growth.",
    "New technologies and trends in market concentration are stifling future innovation while contributing to the marked increase in inequality.",
    "Beyond consumer welfare in a narrow market, competition policy should adapt to this new reality by considering the spillover and dynamic effects of market power, especially on firm entry, innovation, and inequality.",
    "Innovation policies should tackle not only government failures but also market failures.",
    "Competition and innovation-led growth drive productivity gains and support broad-based growth.",
    "New technologies and trends in market concentration:",
    "Market power has spillover and dynamic effects on:",
    "Innovation policy should address both:",
    "Competition policy should:",
    "Innovation policy should:",
    "**Working Paper**"
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