Following his critique of the U.S. patent system and subsequent tribute to learning by doing as an underappreciated driver of innovation, Bessen pulls together all the threads of today’s digital economy in this insightful, integrative volume. This is all the remarkable because he looks at the subject from multiple perspectives, not just as economist. It helps that he was a software developer and entrepreneur before becoming an economist -- and now directs the Technology and Policy Research Initiative at Boston University’s School of Law.
Bessen argues that complex and hidden nature of proprietary software in large firms restrains innovation and competition -- and is ultimately a primary cause of lower productivity growth. However, some firms such as Amazon have opened up their systems in ways that diffuse knowledge.
Bessen draws heavily on empirical research, but is sensitive to the policy context, especially the ongoing debate over digital antitrust. Acknowledging instances of bad behavior by the goliaths, he maintains that heavy-handed solutions would have adverse economic consequences. His analysis will add weight to arguments favoring limited regulatory oversight of interoperability, despite the challenges and costs of infusing technological sophistication into antitrust agencies.
While the book adds much-needed perspective to competition policy debates, it is far broader than that. It addresses superficially diverse subjects such as disruptions, productivity, inequality, and automation. It can read as the thinking person’s guide to the economic and policy crosscurrents in the digital economy and how the nature of technology has informed them.
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