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Measuring Technological Innovation over the Long Run
Social Science Research Network
We use textual analysis of high-dimensional data from patent documents to create new indicators of technological innovation. We identify significant patents based on textual similarity of a given patent to previous and subsequent work: these patents are distinct from previous work but are related to subsequent innovations. Our measure of patent significance is predictive of future citations and correlates strongly with measures of market value. We identify breakthrough innovations as the mostdoi:10.2139/ssrn.3279254 fatcat:kbifcrw565dcfprwc3kwyphbue