Lecture
This lecture discusses the concept of spillovers in innovation, where the benefits of an innovation extend beyond the firm creating it to society as a whole. It explores how innovation can lead to larger societal benefits, the challenges of capturing the full value of new products, and the management of the dilemma between social and private returns. The lecture also touches on the role of innovation in inspiring further advancements and the impact of spillovers on different types of innovations, such as soft innovations like literary works. Additionally, it delves into the implications of spillovers for both society and private innovators, using examples like laptop and smartphone innovations.