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Academic Science, Industrial R&D, and the Growth of Inputs

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  • James D Adams
  • Leo Sveikauskas

Abstract

This paper is a theoretical and empirical investigation of the connection between science, R&D, and the growth of capital. Studies of high technology industries and recent labor studies agree in assigning a large role to science and technology in the growth of human and physical capital, although direct tests of these relationships have not been carried out. This paper builds on the search approach to R&D of Evenson and Kislev (1976) to unravel the complex interactions between science, R&D, and factor markets suggested by these studies. In our theory lagged science increases the returns to R&D, so that scientific advance later feeds into growth of R&D. In turn, product quality improvements and price declines lead to the growth of industry by shifting out new product demand, perhaps at the expense of traditional industries. All this tends to be in favor of the human and physical capital used intensively by high technology industries. This is the source of the factor bias which is implicit in the growth of capital per head. Our empirical work overwhelmingly supports the contention that growth of labor skills and physical capital are linked to science and R&D. It also supports the strong sequencing of events that is a crucial feature of our model, first from science to R&D, and later to output and factor markets.

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File URL: ftp://ftp2.census.gov/ces/wp/1993/CES-WP-93-01.pdf
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Bibliographic Info

Paper provided by Center for Economic Studies, U.S. Census Bureau in its series Working Papers with number 93-1.

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Date of creation: Jan 1993
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Handle: RePEc:cen:wpaper:93-1

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Keywords: CES; economic; research; micro; data; microdata; chief; economist;

References

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  1. Rosen, Sherwin, 1983. "Specialization and Human Capital," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 1(1), pages 43-49, January.
  2. J. Bradford De Long & Lawrence H. Summers, . "Equipment Investment and Economic Growth," J. Bradford De Long's Working Papers _122, University of California at Berkeley, Economics Department.
  3. Stanley A. Horowitz & Allan Sherman, 1980. "A Direct Measure of the Relationship between Human Capital and Productivity," Journal of Human Resources, University of Wisconsin Press, vol. 15(1), pages 67-76.
  4. Gary S. Murphy Becker & Kevin M., 1992. "The Division of Labor, Coordination Costs, and Knowledge," University of Chicago - George G. Stigler Center for Study of Economy and State, Chicago - Center for Study of Economy and State 79, Chicago - Center for Study of Economy and State.
  5. Dunne, Timothy & Roberts, Mark J & Samuelson, Larry, 1989. "The Growth and Failure of U.S. Manufacturing Plants," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 104(4), pages 671-98, November.
  6. Adam B. Jaffe, 1986. "Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value," NBER Working Papers 1815, National Bureau of Economic Research, Inc.
  7. Bartel, Ann P & Lichtenberg, Frank R, 1987. "The Comparative Advantage of Educated Workers in Implementing New Technology," The Review of Economics and Statistics, MIT Press, vol. 69(1), pages 1-11, February.
  8. Jeffrey I. Bernstein & M. Ishaq Nadiri, 1986. "Research and Development and Intraindustry Spillovers: An Empirical Application of Dynamic Duality," NBER Working Papers 2002, National Bureau of Economic Research, Inc.
  9. Cohen, Wesley M & Levinthal, Daniel A, 1989. "Innovation and Learning: The Two Faces of R&D," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 99(397), pages 569-96, September.
  10. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  11. Murphy, Kevin M & Welch, Finis, 1992. "The Structure of Wages," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 107(1), pages 285-326, February.
  12. Richard R. Nelson & Edmond S. Phelps, 1965. "Investment in Humans, Technological Diffusion and Economic Growth," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 189, Cowles Foundation for Research in Economics, Yale University.
  13. Schmitz, James A, Jr, 1989. "Imitation, Entrepreneurship, and Long-run Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(3), pages 721-39, June.
  14. Bresnahan, Timothy F & Reiss, Peter C, 1991. "Entry and Competition in Concentrated Markets," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 99(5), pages 977-1009, October.
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Cited by:
  1. Kauffman, Stuart & Lobo, Jose & Macready, William G., 2000. "Optimal search on a technology landscape," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 43(2), pages 141-166, October.
  2. Stuart Kauffman & Jose Lobo & William G. Macready, 1998. "Optimal Search on a Technology Landscape," Research in Economics 98-10-091e, Santa Fe Institute.
  3. James D Adams, 1994. "Recent Twists of the Wage Structure and Technology Diffusion," Working Papers 94-5, Center for Economic Studies, U.S. Census Bureau.

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