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Domitrovich, Matthew G. Jaison J. Nainaparampil, Carol A. Muhammad Zeshan, Chase B. John D. James Chambliss, Natalie E. Kaasa, Scot J. Harrison, Joan C. Beckman, Edward T. Bonnie T. Zima, Michael P. Erica J.
Martin, John Boekamp, Jeffrey I. Mayes, Lois Sadler. Goldman, Michael Tocco, Andrei A. Memon, Amna M. Melissa Danielson, Rebecca H. Owens, Steven Evans, Steven P. Charles A. McWilliams, Robin P. Corley, Michael C. Stallings, John K. Hewitt, Christian J. Karin K. Rowan, Marc L. Andrew J. Cutler, Antonio Pardo, Thomas R.
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Ann Catherine Childress, Andrew J. Cutler, Andrea Marraffino, Norberto J. DeSousa, Bev Incledon, F. Randy Sallee. Lisa B. Namerow, Sophia A. Graydon, Gualberto Ruano. Michael Koelch, Joerg M.https://ifixyjejos.ga
Steven R. Pliszka, Valerie K. Arnold, Andrea Marraffino, Norberto J. Randy Sallee, Timothy E. Wilens, Jeffrey H. Scott H. Kollins, Jeffrey Bower, Robert L. Pynoos, James T. Miika A. Vuori, Jaana E. Robert A. Rhonda L. Mickle, Andrew C. Barrett, Lynn R. Lawrence Anthony Vitulano, David C. With this in mind, one can question the argument that monopolies have lower incentives to innovate than smaller firms.
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In this context, the affirmation that there exists a positive link between the level of competition and innovation does not sound very compelling. Monopolies that seek prosperity in the long run must realise that innovation is — at least in the long run — as vital for their survival as it is for firms in a more competitive market. They should therefore highly value innovation: after all, they are usually well equipped to manage innovative projects, as is mentionned above.
Based on a scientific literature, it seems to be difficult to prove a real relationship between innovation and competition or monopoly power. Indeed, some empirical researches seem to conclude at the same result which contradicts the Schumpeterian hypothesis that ex-ante market power is necessary to foster innovation. Indeed, even without looking at the numbers, the bond between innovation, competition and monopoly appears difficult to synthesise through a general law. But on the contrary, these big companies, enjoying such a position, fear to fall into a cannibal spiral where their innovative products eat their already market share and confortable position.
So even if these monopolies are in an excellent position to innovate, they will may be not willing to do it. There is a trade off between capabilities and willingness to innovate. On the contrary, companies in a very competitive industry will be, by definition, smaller companies ; with smaller resources in order to innovate ; but their willingness to innovate will be much higher in order to differentiate themselves from the others.
Indeed some companies have innovation in their ADN, it is part of their anytime life and so they will be anytime trying to innovate by invent themselves again. As we can intuitively feel it, the first way of doing favorise much more the innovative creations. But again, here it is not a problem of trade off not depending on the market conditions but that feature will depend on the company culture which is mainly defining by the founders. In order to conclude, I will say that it seems to me to be very difficult to synthesise the bond between innovation and market conditions through a general law because of the high numbers of factors that can influence it in so many different ways.
As the author states, it is very difficult to describe the connection between competition and innovation. Writers and experts have different opinions on the subject. On the one hand, monopolist seems to have less incentive to innovate. From his position it does not seem to be reasonable to use resources to create something new, because there is nothing more to be won for him. However, in the real world we can observe complicated net connecting competitors, markets, suppliers, technologies etc.
Therefore, monopolist on one certain market could be innovative in various ways in order to get new business. He could try to use capabilities gathered in his current business in process of new product introduction or find innovative way to manage the supply chain to decrease production cost. Also, innovation may allow the monopolist to get customers that were not even considered as they chose different products, but referring to the same need. For example, breakthrough in computer gaming industry could attract more people to spend their time playing games instead of use another means of entertainment.
He argues that competition is an ever-present threat and the possibility of losing monopolist position may discipline the company and make it constantly innovate. Competition seems to be a factor that usually makes companies innovate, but it does not always happen. For example, automobile giant General Motors may be reluctant to introduce its first electric car, even if the company considers electric vehicles as future of automobile industry.
First problem might be that if the new technology does not conquer the market, then GM may lose much more than smaller competitors. Therefore, company might want to wait for market response and react adequately. The other reason might be that introduction of the new product puts in question the whole previous business based on gasoline or oil powered engines. Such significant change may cause problems with various stakeholders e.
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Moreover, when the company considers the innovation to be easy to be copied by the competitors, it may not consider the profits from the innovation as high enough to make an effort to innovate. Having considered all mentioned situations, it is hard to come up with one general solution to the problem. I believe that all situations should be analyzed separately. When we focus on certain market and companies present on it, we can be closer to the conclusion on the impact of competition on innovation. Great names of economics as Joseph Schumpeter and later Clayton Christensen have given great input to this question, and until now, there is no universal agreement in this matter, about a direct correlation between competition or a lack of it and innovation.
In fact, I would say that what defines the positive or negative impact of competition to the degree of innovation, are the specific market characteristics. As admitted in the article, a monopoly situation will generate larger profits or larger capacity to innovate , while a perfect competition situation will create more benefits from differentiation or incentives to innovation.