Economics Quote by Michele Boldrin
““Although the view that, once discovered, ideas can be imitated for free by anybody is pervasive, it is far from the truth. While it may occasionally be the case that an idea is acquired at no cost—ideas are generally difficult to communicate, and the resources for doing so are limited. It is rather ironic that a group of economists, who are also college professors and earn a substantial living teaching old ideas because their transmission is neither simple nor cheap, would argue otherwise in their scientific work. Most of the times imitation requires effort and, what is more important, imitation requires purchasing either some products or some teaching services from the original innovator, meaning that most spillovers are priced.””
About This Quote
Source Paper: The Economics of Imitation, 2015
Argues that ideas are costly to transmit; imitation often requires paying for products or services from the original creator.
In simple terms: Ideas cost money to copy.
Key Takeaway
Recognize the value of intellectual property.
Themes
economics
innovation
property rights
Mood
analytical
critical
Type
economic
philosophical
When to use this quote
- business strategy
- product development
- academic research
- policy making
Key Concepts
transaction costs
knowledge spillovers
intellectual property
Questions to Reflect On
- How do you protect your innovations?
- When is paying for ideas justified?
A Different Perspective
Free sharing of ideas may underestimate hidden costs.
