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Science, R&D, And Invention Potential Recharge: U.S. Evidence

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  • James D Adams

Abstract

The influence of academic science on industrial R&D seems to have increased in recent years compared with the pre-World War II period. This paper outlines an approach to tracing this influence using a panel of 14 R&D performing industries from 1961-1986. The results indicate an elasticity between real R&D and indicators of stocks of academic science of about 0.6. This elasticity is significant controlling for industry effects. However, the elasticity declines from its level during the 1961-1973 subperiod, when it was 2.2, to 0.5 during the 1974-1986 subperiod. Reasons for the decline include exogenous and endogenous exhaustion of invention potential, and declining incentives to do R&D stemming from a weakening of intellectual property rights. The growth of R&D since the mid-1980s suggests a restoration of R&D incentives in still more recent times.

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File URL: ftp://ftp2.census.gov/ces/wp/1993/CES-WP-93-02.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 93-2.

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Date of creation: Jan 1993
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Handle: RePEc:cen:wpaper:93-2

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

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  1. Becker, Gary S & Murphy, Kevin M, 1992. "The Division of Labor, Coordination Costs, and Knowledge," The Quarterly Journal of Economics, MIT Press, vol. 107(4), pages 1137-60, November.
  2. Feenstra, Robert C & Markusen, James R & Zeile, William, 1992. "Accounting for Growth with New Inputs: Theory and Evidence," American Economic Review, American Economic Association, vol. 82(2), pages 415-21, May.
  3. Kortum, Samuel, 1993. "Equilibrium R&D and the Patent-R&D Ratio: U.S. Evidence," American Economic Review, American Economic Association, vol. 83(2), pages 450-57, May.
  4. Zvi Griliches, 1998. "Issues in Assessing the Contribution of Research and Development to Productivity Growth," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 17-45 National Bureau of Economic Research, Inc.
  5. Evenson, Robert E & Kislev, Yoav, 1976. "A Stochastic Model of Applied Research," Journal of Political Economy, University of Chicago Press, vol. 84(2), pages 265-81, April.
  6. Adams, James D, 1990. "Fundamental Stocks of Knowledge and Productivity Growth," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 673-702, August.
  7. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, vol. 77(2), pages 56-62, May.
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Cited by:
  1. James Adams & Zvi Griliches, 1996. "Measuring Science: An Exploration," Harvard Institute of Economic Research Working Papers 1749, Harvard - Institute of Economic Research.

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