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The commercialization of inventions is an investment, similar to spending on plant and equipment, and accordingly the authors would expect it to be affected by macroeconomic conditions. Using data on the commercialization activity from over 4000 inventors, they find evidence that macroeconomic conditions have a pro-cyclical affect on commercialization activities. However, the magnitude of the supply-side effects - the cost of finance and level of public sector research - are estimated to be larger than the growth in aggregate or industry demand.
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