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A Schumpeter-inspired Approach to the Construction of R&D Capital Stocks

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Bitzer, Jürgen; Stephan, Andreas

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Please use the following Persistent Identifier (PID) to cite this document:http://nbn-resolving.de/urn:nbn:de:0168-ssoar-243147

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Abstract A new method for constructing R&D capital stocks is proposed and tested. Following Schumpeter, the development of R&D capital stocks is modelled as a process of creative destruction. Newly generated knowledge is assumed not only to add to the existing R&D capital stocks but also, by displacing old knowledge, to destroy part of that capital. This is in stark contrast to the perpetual inventory method, which postulates a constant rate of depreciation. We compare both methods by estimating the impact of R&D and spillovers on output of nine industries in twelve OECD countries, and find that the new approach leads to more sensible and robust results.
Keywords external effects; research and development; capital; knowledge transfer; Schumpeter, J.; OECD member country
Classification National Economy; Economic Statistics, Econometrics, Business Informatics
Method theory formation
Free Keywords R&D; capital stocks; knowledge spillovers; creative destruction; perpetual inventory method; PIM; Schumpeter-Inspired Method; SIM
Document language English
Publication Year 2006
Page/Pages p. 179-189
Journal Applied Economics, 39 (2006) 2
DOI http://dx.doi.org/10.1080/00036840500427973
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)
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