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Competition, Innovation and Increasing Returns

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This paper concerns the operation of competition in the presence of a high rate of innovation andincreasing returns. Given free competition there is likely to exist, in this case, a tendency towardswhat may be called ‘dynamic equilibrium’, a tendency, that is to say, for the rate of investmentin product development to rise or fall towards the level at which this investment yields only anormal return. Thus, competition, increasing returns and innovation may co-exist.

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George B. Richardson

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