Dear readers,
When the Royal Swedish Academy of Sciences awarded last year’s prize in economics to Joel Mokyr, Philippe Aghion and Peter Howitt, it returned Joseph Schumpeter’s “perennial gale of creative destruction” to the center of debates about innovation and growth. For competition policy, the idea has always cut both ways. If today’s monopoly is merely the prize that motivates tomorrow’s innovator, enforcers might stand back and let the gale do its work; if incumbents can slow,
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