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Mr. Anton Korinek, Mr. Martin Schindler, and Joseph Stiglitz

also tends to give rise to natural monopolies, creating a small set of so-called superstar firms that are located in a few powerful countries but serve the entire world economy. Moreover, under reasonable assumptions, the rate and direction of technological progress chosen by the market are generally suboptimal ( Korinek and Stiglitz, 2019 ). This creates the possibility of steering innovation in AI and other technologies in directions that are more beneficial to humanity at large, for example, preserving the planet or creating satisfying employment opportunities

Jyrki Ali-Yrkkö, Reda Cherif, Fuad Hasanov, Natalia Kuosmanen, and Mika Pajarinen

results provide new evidence supporting the positive causal role of former Nokia workers on firm performance. The evidence of the positive spillovers on firms is particularly strong in terms of employment and value added. JEL Classification Numbers: J24, J62, O30, D83 Keywords: human capital, employment, value added, Nokia, difference-in-differences, heterogeneous treatment, knowledge spillovers, superstar firms. Authors’ E-Mail Addresses: jyrki.ali-yrkko@etla.fi ; ACherif@imf.org ; FHasanov@imf.org ; natalia.kuosmanen@etla.fi ; mika

Reda Cherif and Fuad Hasanov
We provide an overview of the theories and empricial evidence on the complex relationship among innovation, competition, and inclusive growth. Competition and innovation-led growth are critical to drive productivity gains and support broad-based growth. However, new technologies and trends in market concentration are stifling future innovation while contributing to the marked increase in inequality. Beyond consumer welfare in a narrow market, competition policy should adapt to this new reality by considering the spillover and dynamic effects of market power, especially on firm entry, innovation, and inequality. Innovation policies should tackle not only government failures but also market failures.
Jyrki Ali-Yrkkö, Reda Cherif, Fuad Hasanov, Natalia Kuosmanen, and Mika Pajarinen
Do workers hired from superstar tech-firms contribute to better firm performance? To address this question, we analyze the effects of tacit knowledge spillovers from Nokia in the context of a quasi-natural experiment in Finland, the closure of Nokia’s mobile device division in 2014 and the massive labor movement it implied. We apply a two-stage difference-in-differences approach with heterogeneous treatment to estimate the causal effects of hiring former Nokia employees. Our results provide new evidence supporting the positive causal role of former Nokia workers on firm performance. The evidence of the positive spillovers on firms is particularly strong in terms of employment and value added.
Ms. Valerie Cerra
This paper surveys the literature on the relationship between international trade and inclusive growth. It examines claims that the rise in inequality in many countries can be attributed to the concurrent rise in trade competition, especially from EMEs like China, spurring trade tensions and protectionist measures. The paper investigates the conflicting literature showing the aggregate benefits of trade versus the adverse and persistent impact of trade, especially import competition, on specific industries and local communities. The paper then reviews the evidence for using trade policies and other complementary policies for adjustment and compensation to those groups adversely affected by trade.
Ian Goldin

understand the new landscape is vital to prepare for it. But the private sector is not always benign, and we require independent regulators who are able to control the rising power of superstar firms. A constant renewal of technical expertise is also necessary to ensure that the experience of the financial crisis, when experts and regulators failed to understand credit derivatives, is not repeated with newly emergent threats. Airlines and the Pandemic Sources : Deaths – Our World in Data; Flights – OpenFlights.org. Four meta-horsemen What are the