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

Bitzer, Jürgen; Stephan, Andreas

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%T A Schumpeter-inspired Approach to the Construction of R&D Capital Stocks
%A Bitzer, Jürgen
%A Stephan, Andreas
%J Applied Economics
%N 2
%P 179-189
%V 39
%D 2006
%K R&D; capital stocks; knowledge spillovers; creative destruction; perpetual inventory method; PIM; Schumpeter-Inspired Method; SIM
%= 2011-10-17T13:37:00Z
%~ http://www.peerproject.eu/
%> https://nbn-resolving.org/urn:nbn:de:0168-ssoar-243147
%X 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.
%C GBR
%G en
%9 journal article
%W GESIS - http://www.gesis.org
%~ SSOAR - http://www.ssoar.info