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Research Expenditures and Growth Accounting

In: Science and Technology in Economic Growth

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  • Zvi Griliches

    (Harvard University)

Abstract

Many aspects of the economics of research have been discussed ably in a number of recent books and articles and will not be resurveyed here.2 I shall concentrate instead on a relatively limited topic, the possible contribution of public and private research expenditures to the growth in the ‘residual’ as conventionally measured. Sections I to III of this paper review and summarise earlier work on returns to research, explain the logic behind them, and present some additional estimates of the impact of research expenditures in United States manufacturing industries on subsequent growth in their total factor productivity. Sections IV to VI discuss how research might be treated consistently in a set of real product and input accounts and explore what traces, if any, such expenditures leave in the conventional United States productivity accounts. Section VII closes the paper with a discussion of some, only slightly related, policy implications.

Suggested Citation

  • Zvi Griliches, 1973. "Research Expenditures and Growth Accounting," International Economic Association Series, in: B. R. Williams (ed.), Science and Technology in Economic Growth, chapter 3, pages 59-95, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-01731-7_3
    DOI: 10.1007/978-1-349-01731-7_3
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