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Technological Innovation and Performance in the United Kingdom

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  • Stephen Nickell
  • John Van Reenen

Abstract

Over the period since 1970, Britain has improved its relative productivity performance, but there remains a significant gap in market sector productivity between Britain and both Continental Europe and the United States. Much of the gap between Britain and Continental Europe is due to lower levels of capital intensity and skill. However, even taking these into account, there remains a significant gap between Britain and the United States. This reflects not just a weakness in high tech areas but an inability to absorb best-practice techniques and methods in wide swathes of the market sector. Part of this is due to a weakness in technological innovation despite a high quality science base. This includes comparatively low and falling levels of R\&D and patenting as well as a distinct lag in the diffusion of innovations relative to other countries.

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Bibliographic Info

Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0488.

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Date of creation: Jan 2001
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Handle: RePEc:cep:cepdps:dp0488

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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

Related research

Keywords: Innovation; technology; productivity growth;

References

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  1. Stephen Bond & Dietmar Harhoff & John Van Reenen, 2010. "Investment, R&D and Financial Constraints in Britain and Germany," NBER Chapters, in: Contributions in Memory of Zvi Griliches, pages 433-460 National Bureau of Economic Research, Inc.
  2. Nickell, S.J., 1993. "Competition and Crporate Performance," Economics Series Working Papers 99155, University of Oxford, Department of Economics.
  3. Robert N. McCauley & Steven A. Zimmer, 1989. "Explaining international differences in the cost of capital," Quarterly Review, Federal Reserve Bank of New York, Federal Reserve Bank of New York, issue Sum, pages 7-28.
  4. Rachel Griffith & Stephen Redding & John Van Reenen, 2000. "Mapping the Two Faces of R&D: Productivity Growth in a Panel of OECD Industries," CEP Discussion Papers, Centre for Economic Performance, LSE dp0458, Centre for Economic Performance, LSE.
  5. Bean, Charles R & Crafts, Nicholas, 1995. "British Economic Growth Since 1945: Relative Economic Decline .... and Renaissance?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1092, C.E.P.R. Discussion Papers.
  6. Timothy F. Bresnahan & Erik Brynjolfsson & Lorin M. Hitt, 1999. "Information Technology, Workplace Organization and the Demand for Skilled Labor: Firm-Level Evidence," NBER Working Papers 7136, National Bureau of Economic Research, Inc.
  7. Miles, David, 1993. "Testing for Short Termisn in the UK Stock Market," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 103(421), pages 1379-96, November.
  8. Nicholas Bloom & Rachel Griffith & John Van Reenen, 2007. "Do R&D Tax Credits Work? Evidence from a Panel of Countries 1979-1997," Discussion Papers, Stanford Institute for Economic Policy Research 07-020, Stanford Institute for Economic Policy Research.
  9. Nickell, Stephen & Wadhwani, Sushil & Wall, Martin, 1992. "Productivity growth in U.K. companies, 1975-1986," European Economic Review, Elsevier, Elsevier, vol. 36(5), pages 1055-1085, June.
  10. Bond, Stephen R & Jenkinson, Tim, 1996. "The Assessment: Investment Performance and Policy," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 12(2), pages 1-29, Summer.
  11. Stephen Bond & Julie Ann Elston & Jacques Mairesse & BenoƮt Mulkay, 1999. "Financial Factors and Investment in Belgium, France, Germany and the UK : A Comparison using Company Panel Data," Working Papers, Centre de Recherche en Economie et Statistique 99-64, Centre de Recherche en Economie et Statistique.
  12. Geroski, P A, 1990. "Innovation, Technological Opportunity, and Market Structure," Oxford Economic Papers, Oxford University Press, vol. 42(3), pages 586-602, July.
  13. Crafts, Nicholas & Toniolo, Gianni, 1995. "Post-war Growth: An Overview," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1095, C.E.P.R. Discussion Papers.
  14. Van Reenen, John, 1997. "Why has Britain had slower R&D growth?," Research Policy, Elsevier, Elsevier, vol. 26(4-5), pages 493-507, December.
  15. McConnell, John J. & Muscarella, Chris J., 1985. "Corporate capital expenditure decisions and the market value of the firm," Journal of Financial Economics, Elsevier, Elsevier, vol. 14(3), pages 399-422, September.
  16. Nicholas Crafts & Mary O'Mahony, 2001. "A perspective on UK productivity performance," Fiscal Studies, Institute for Fiscal Studies, Institute for Fiscal Studies, vol. 22(3), pages 271-306, September.
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