Technological Innovation: Winners and Losers

摘要: We analyze the effect of innovation on asset prices in a tractable, general equilibrium framework with heterogeneous households and firms. argue that financial market participants are unlikely to capture all economic rents resulting from innovative activity, even when they own shares innovating This argument is based two insights. First, investment opportunities partly embodied people -- form new ideas, inventions or business plans. Consequently, part benefits technological progress accrues these innovators rather than shareholders firm. Second, while capital typically tied specific technology, labor more flexible, since workers have skills often transferable across technologies. formalize insights model, which we calibrate data. Our model reproduces key stylized facts about returns economy. derive test predictions our using direct measure innovation. The model's supported by