Technology, and the Economy. We are indebted to a remarkably talented team of postdoctoral fellows Zhong Deng, Julia Liebeskind, and Yusheng Peng and research assistants Paul J.Alapat, Jeff Armstrong, Cherie Barba, Lynda J.Kim, Kerry Knight, Edmundo Murrugara, Amalya Oliver, Alan Paul, Jane Ren, Erika Rick, Benedikt Stefansson, Akio Tagawa, Maximo Torero, Alan Wang, and Mavis Wu. This paper is a part of the National Bureau of Economic Research’s research program in Productivity. This research has been supported by grants from the Alfred P.Sloan Foundation through the National Bureau of Economic Research Research Program on Industrial Technology and Productivity, the National Science Foundation (SES 9012925), the University of California Systemwide Biotechnology Research and Education Program, and the University of California’s Pacific Rim Research Program.

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