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R&D in the National Income and Product Accounts: A First Look at its Effect on GDP

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Author Info
Barbara M. Fraumeni
Sumiye Okubo (Bureau of Economic Analysis)
Abstract

According to the estimates in this paper, R&D is a significant contributor to economic growth. Over the forty-year period studied, 1961-2000, returns to R&D capital accounted for 10 percent of growth in real GDP. Treating R&D as an investment raises the national savings rate by two percentage points from 19 to 21 percent. This paper is a preliminary and exploratory examination of the role of R&D in the U.S. economy. It extends the National Income and Product Accounts (NIPA) framework by treating R&D as an investment and imputing a net return to general government capital. Capitalizing R&D investment has a small positive effect on the rate of growth of GDP. There is a significant effect on the distribution of consumption and investment on the product-side and the distribution of property-type income and labor income on the income-side. Most importantly, the partial R&D satellite account developed in this paper increases our understanding of the sources of economic growth.

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Paper provided by Bureau of Economic Analysis in its series BEA Working Papers with number 0004.

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Date of creation: Apr 2002
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Handle: RePEc:bea:wpaper:0004

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E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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  1. Sabine Visser, 2007. "R&D in WorldScan," CPB Memoranda 189, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  2. Jukka Jalava & Pirkko Aulin-Ahmavaara & Aku Alanen, 2007. "Intangible Capital in the Finnish Business Sector 1975-2005," Discussion Papers 1103, The Research Institute of the Finnish Economy. [Downloadable!]
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