Productivity of and Returns to Knowledge Investments
AbstractInformation and knowledge are essential to the decision making of firms. However, information is a primitive in the formation of knowledge. Information and the related concepts of risk and surprise are primarily of importance for rational decision making while knowledge is a form of (non-material) capital to be used as a resource in the transformation of different inputs into valuable outputs. Knowledge can be embodied in educated labor, in material capital, as patented production recipes or as contents of publically available documents and other media. In the paper optimality aspects of the acquisition of knowledge capital is analyzed. Estimates of private and public returns to investments in knowledge are reported. Some economic consequences of frictions over time and space are analyzed and new models containing such frictions are proposed.
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Bibliographic InfoPaper provided by Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies in its series Working Paper Series in Economics and Institutions of Innovation with number 165.
Length: 26 pages
Date of creation: 28 Jan 2009
Date of revision:
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Postal: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, SE-100 44 Stockholm, Sweden
Phone: +46 8 790 95 63
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More information through EDIRC
productivity; growth; knowledge; R&D; returns to R&D; returns to knowledge;
Find related papers by JEL classification:
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-02-14 (All new papers)
- NEP-INO-2009-02-14 (Innovation)
- NEP-KNM-2009-02-14 (Knowledge Management & Knowledge Economy)
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