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A Schumpeter-inspired Approach to the Construction of R&D Capital Stocks
Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Centre for Family Entrepreneurship and Ownership (CeFEO). DIW Berlin.ORCID iD: 0000-0001-5776-9396
2007 (English)In: Applied Economics, ISSN 0003-6846, E-ISSN 1466-4283, Vol. 39, no 2, p. 179-189Article in journal (Refereed) Published
Abstract [en]

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 9 industries in 12 OECD countries, and find that the new approach leads to more sensible and robust results.

Place, publisher, year, edition, pages
2007. Vol. 39, no 2, p. 179-189
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Economics
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URN: urn:nbn:se:hj:diva-5223DOI: 10.1080/00036840500427973OAI: oai:DiVA.org:hj-5223DiVA, id: diva2:36043
Available from: 2008-01-10 Created: 2008-01-10 Last updated: 2020-12-04Bibliographically approved

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Stephan, Andreas

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