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A Schumpeter-inspired Approach to the Construction of R&D Capital Stocks
[Zeitschriftenartikel]
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 k... mehr
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.... weniger
Thesaurusschlagwörter
externe Effekte; Schumpeter, J.; OECD-Staat; Wissenstransfer; Forschung und Entwicklung; Kapital
Klassifikation
Volkswirtschaftstheorie
Wirtschaftsstatistik, Ökonometrie, Wirtschaftsinformatik
Methode
Theoriebildung
Freie Schlagwörter
R&D; capital stocks; knowledge spillovers; creative destruction; perpetual inventory method; PIM; Schumpeter-Inspired Method; SIM
Sprache Dokument
Englisch
Publikationsjahr
2006
Seitenangabe
S. 179-189
Zeitschriftentitel
Applied Economics, 39 (2006) 2
DOI
https://doi.org/10.1080/00036840500427973
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)