Measuring the Societal Benefits of Innovation

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Science  08 Aug 1980:
Vol. 209, Issue 4457, pp. 658-662
DOI: 10.1126/science.209.4457.658


Quantitative economic analysis of 20 commercial innovations shows that there is great benefit to society that is often not reflected in the rate of return to the innovator. The study also documents the importance of marketing strategy and proper consideration of risk.