This paper provides evidence that risk aversion leads pharmaceutical firms to underinvest in radical innovation. We …

innovation. We identify significant patents based on textual similarity of a given patent to previous and subsequent work: these … aggregate, sectoral, and firm level. Our technology indices span two centuries (1840-2010) and cover innovation by private and …

We propose a new measure of the economic importance of each innovation. Our measure uses newly collected data on … our measure suggests that technological innovation accounts for significant medium-run fluctuations in aggregate economic …

Using administrative data from the United States, we document novel stylized facts regarding technological innovation … and the riskiness of labor income. Higher rates of industry innovation are associated with significant increases in labor … earnings for top workers. Decomposing this result, we find that own firm innovation is associated with a modest increase in the …