Low Returns in R&D due to the Lack of Entrepreneurial Skills
构建内生增长模型，指出创新需要研究人员和创业者共同参与，当创业者从创新中获得的收益过少时，资源会过度流向研发而忽视创业，导致研发回报低下，因此应鼓励创业而非单纯增加研发投入。
This paper proposes a model of endogenous growth where innovating requires both researchers, who produce inventions, and entrepreneurs who implement them. As research and entrepreneurship compete in the allocation of aggregate resources, the relation between growth and research effort is hump‐shaped. When entrepreneurs appropriate too little rents from innovation, too few resources are allocated to entrepreneurship and returns to R&D are low because of this lack of entrepreneurial skills. When so, innovation should be promoted by encouraging entrepreneurship rather than research.