A Model of Research, Patenting, and Productivity Growth
AbstractI use the aggregate behavior of three indicators of technology (employ- ment of research scientists and engineers, patented inventions, and total fac- tor productivity) to identify a plausible model of endogenous technological change. In the US (as well as in other developed countries) research em- ployment and total factor productivity have both grown, while the rate of patenting has remained relatively flat. One interpretation of these facts is that: (i) patentable inventions are becoming increasingly difficult to discover as the quality of techniques in use increases, (ii) inventions which are patented represent percentage improvements on techniques currently in use, and (iii) the size of the economy is growing, making patents increasingly valuable and justifying increased research efforts devoted to discovering them. This pa- per presents a general equilibrium search theoretic model of invention which formalizes this view.
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Bibliographic InfoPaper provided by Boston University, Institute for Economic Development in its series Boston University - Institute for Economic Development with number 37.
Date of creation: Feb 1994
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- Jonathan Eaton & Samuel Kortum, 1994.
"International Patenting and Technology Diffusion,"
Boston University - Institute for Economic Development
50, Boston University, Institute for Economic Development.
- Jonathan Eaton & Samuel Kortum, 1994. "International Patenting and Technology Diffusion," NBER Working Papers 4931, National Bureau of Economic Research, Inc.
- Jonathan Eaton & Samuel Kortum, 1994. "International patenting and technology diffusion," Finance and Economics Discussion Series 94-35, Board of Governors of the Federal Reserve System (U.S.).
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- Claudio Michelacci, 2003. "Low Returns in R&D Due to the Lack of Entrepreneurial Skills," Economic Journal, Royal Economic Society, vol. 113(484), pages 207-225, January.
- Michelacci, Claudio, 2002. "Low Returns in R&D Due to Lack of Entrepreneurial Skills," CEPR Discussion Papers 3179, C.E.P.R. Discussion Papers.
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