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What Drives Innovation? Lessons from COVID-19 R&D
To examine the drivers of innovation, this paper studies the global R&D effort to fight the deadliest diseases and presents four results. We find: (1) global pharmaceutical R&D activity—measured by clinical trials—typically follows the ‘law of diminishing effort’: i.e. the elasticity of R&D effort with respect to market size is about 1⁄2 in the cross-section of diseases; (2) the R&D response to COVID-19 has been a major exception to this law, with the number of COVID-19 trials being 7 to 20 times greater than that implied by its market size; (3) the aggregate short-term elasticity of science and innovation can be very large, as demonstrated by aggregate flow of clinical trials incr...
Strategic Corporate Layoffs
Firms in the S&P 500 often announce layoffs within days of one another, despite the fact that the average S&P 500 constituent announces layoffs once every 5 years. By contrast, similarsized privately-held firms do not behave in this way. This paper provides empirical evidence that such clustering behavior is largely due to CEOs managing their reputation in financial markets. To interpret these results we develop a theoretical framework in which managers delay layoffs during good economic states to avoid damaging the markets perception of their ability. The model predicts clustering in the timing of layoff announcements, and illustrates a mechanism through which the cyclicality of firms layoff policies is amplified. Our findings suggest that reputation management is an important driver of layoff policies both at daily frequencies and over the business cycle, and can have significant macroeconomic consequences.
Talent
How do you find talent with a creative spark? To what extent can you predict human creativity, or is human creativity something irreducible before our eyes, perhaps to be spotted or glimpsed by intuition, but unique each time it appears? The art and science of talent search get at exactly those questions. Renowned economist Tyler Cowen and venture capitalist and entrepreneur Daniel Gross guide the reader through the major scientific research areas relevant for talent search, including how to conduct an interview, how much to weight intelligence, how to judge personality and match personality traits to jobs, how to evaluate talent in on-line interactions such as Zoom calls, why talented women are still undervalued and how to spot them, how to understand the special talents in people who have disabilities or supposed disabilities, and how to use delegated scouts to find talent. Identifying underrated, brilliant individuals is one of the simplest ways to give yourself an organizational edge, and this is the book that will show you how to do that. It is both for people searching for talent, and for those being searched and wish to understand how to better stand out.
The Faithful Scientist
Reveals biases within scientific PhD training programs against emerging scientists who embrace a religious faith and the ramifications for science Science is often viewed as antithetical to religion, and it is true that scientists, particularly those who work at universities, are generally much less religious than the average American adult. So what is it like to be a religious individual pursuing an advanced education and career in science? Featuring engaging interviews and survey data from over 1,300 PhD students in the natural and social sciences, The Faithful Scientist shows that the core challenge is not contending with contradictions between faith-based beliefs and scientific knowledge...
Revolutionizing Innovation
A comprehensive and multidisciplinary view of the emerging paradigm of user and open innovation, offering both theoretical and empirical perspectives. The last two decades have witnessed an extraordinary growth of new models of managing and organizing the innovation process that emphasizes users over producers. Large parts of the knowledge economy now routinely rely on users, communities, and open innovation approaches to solve important technological and organizational problems. This view of innovation, pioneered by the economist Eric von Hippel, counters the dominant paradigm, which cast the profit-seeking incentives of firms as the main driver of technical change. In a series of influenti...
Achieving Proof of Concept in Drug Discovery and Development
One of the major shortcomings of the current drug discovery and development process is the inability to bridge the gap between early stage discoveries and pre-clinical research in order to advance innovations beyond the discovery phase. This book examines a drug discovery and development model, where the respective expertise of academia and industry are brought together to take promising discoveries through to proof of concept, providing a means to de-risk the drug discovery and development process.
Annual Report of the Young Men's Institute of the Young Men's Christian Association of the City of New York
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Global Migration
This three-volume work exposes myths and debunks misinformation about global migration, an issue generating emotional debate from the highest levels of power to kitchen tables across the United States, Europe, and worldwide. Many don't realize that migration has been a central element of global social change since the 15th century. Unfortunately, misconceptions about the 3 percent of world citizens who do choose to migrate can be destructive. In 2008, riots broke out in South Africa over workers from neighboring countries. Today's rising tensions along the U.S.-Mexican border are inciting political, social, and economic upheaval. In the EU, political fortunes rise and fall on positions regar...
Appendix to the Journals of the House of Representatives of New Zealand
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