ABSTRACT Based on the author’s keynote talk at the ERF’s 25th anniversary conference in Kuwait City (March 10–12, 2019), this paper outlines the research and policy dimensions of the fast-rising intangibles economy. The key features of such economic structures are – the centrality of (mostly proprietary) intellectual property; high upfront fronts for firms but near-zero marginal costs of production if successful; first-mover advantage especially if backed up by standard-setting; and handsome rewards for strategic behavior. There is no single route to success in such a world; in fact many successful countries have had ex ante daunting challenges not unknown among ERF countries. The ethos that drives the ERF has never been more essential than it is today.

中文翻译：

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21世纪的政策选择-从哪里开始？

摘要根据作者在2019年3月10日至12日在科威特城举行的ERF 25周年会议上的主题演讲，本文概述了快速崛起的无形经济的研究和政策层面。这种经济结构的主要特征是–（主要是专有的）知识产权的集中性；企业的前期准备金很高，但如果成功，边际生产成本将接近零；先发优势，尤其是在获得标准制定支持的情况下；和对战略行为的丰厚回报。在这样的世界上，没有成功的唯一途径。实际上，许多成功的国家都曾面临过巨大的挑战，这在ERF国家中是未知的。推动ERF的精神比以往任何时候都更为重要。