Edwin Mansfield’s contributions to the economics of technology

Abstract

Edwin Mansfield’s contributions to the economics of technology are summarized from the early 1960s through his death in 1997. Mansfield’s methodology is discussed, as are his contributions on: the diffusion of technical innovation, the effect of firm size on innovation, the role of academic and basic research in increasing innovation and productivity, international technology transfer and the inaccuracy of technological forecasts. The economics profession’s evaluation of the relative importance of Mansfield’s work is presented, using as evidence citation counts of his works collected from the Social Science Citation Index (SSCI). Identified as among Mansfield’s most important contributions are his work on the importance of academic research for industrial innovations, his empirical estimation of the rates of diffusion of different innovations, and his estimation of the private and social returns from investments in industrial innovations. Finally, we present Mansfield’s advice on the future of the economics of technology.