Measuring Knowledge Stocks: A Process of Creative Destruction
AbstractThis paper proposes a new method for constructing R&D capital stocks developed to avoid the common assumption of a constant rate of knowledge depreciation, which implies wear and tear of knowledge. The method models the development of R&D capital stocks as a process of creative destruction linking the depreciation of knowledge to the emergence of new knowledge. A first empirical assessment of the new method - measuring the influence of R&D capital stocks on production in the manufacturing sectors of 12 OECD countries - produces plausible and robust results. Copyright 2005 Blackwell Publishing Ltd..
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Volume (Year): 58 (2005)
Issue (Month): 3 (07)
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