Profitable Unproductive Innovations

The present paper studies resource allocation in an expanding product variety framework à la Romer (1990). We consider the limiting case where net returns to specialization are zero and, therefore, R&D is completely useless, socially. Nevertheless, the market equilibrium involves allocation of ressources to R&D, and this wasteful allocation may take place even in a steady state.Research and development (R&D); Expanding product variety; Creative destruction.

Evaluation of the Use of Autonomous Reef Monitoring Structures (ARMS) for Describing the Species Diversity of Two Coral Reefs in the Yucatan Peninsula, Mexico

Autonomous reef monitoring structures (ARMS) have been proposed as a standardized, passive, nondestructive sampling tool. This study assessed the ability of ARMS to capture the cryptic species diversity of two coral reefs by recording species richness and taxonomic representativeness using conventional taxonomy. The capacity of ARMS, as artificial substrates, to favor the establishment of nonindigenous species over native species was also evaluated. The use of ARMS allowed the detection of 370 species morphotypes from nine phyla, yielding 13 new records of geographic distribution expansion, one exotic species for the Gulf of México and the Caribbean Sea, and six newly described species. It was also possible to make spatial comparisons of species richness between both reefs. ARMS captured cryptic diversity exceptionally well, with the exception of echinoderms. Furthermore, these artificial structures did not hinder the colonization ability of native species; in fact, the colonization patterns on the structures themselves represented the spatial differences in the structure of benthic assemblages. This study represents the first effort to make a conventional taxonomic description of the cryptic fauna of the Yucatan Peninsula using ARMS. It is recommended to assess coral reef species diversity, but more taxonomists specialized in marine invertebrates are needed