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Schumpeterian Profits in the American Economy: Theory and Measurement

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  • William D. Nordhaus

Abstract

The present study examines the importance of Schumpeterian profits in the United States economy. Schumpeterian profits are defined as those profits that arise when firms are able to appropriate the returns from innovative activity. We first show the underlying equations for Schumpeterian profits. We then estimate the value of these profits for the non-farm business economy. We conclude that only a minuscule fraction of the social returns from technological advances over the 1948-2001 period was captured by producers, indicating that most of the benefits of technological change are passed on to consumers rather than captured by producers.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10433.

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Date of creation: Apr 2004
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Handle: RePEc:nbr:nberwo:10433

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  1. Bosses & profits
    by chris dillow in Stumbling and Mumbling on 2012-01-16 15:16:29
  2. Leona Lewis, capitalism and the state
    by chris dillow in Stumbling and Mumbling on 2011-12-12 15:08:18
  3. The final crisis of capitalism?
    by chris dillow in Stumbling and Mumbling on 2011-09-20 13:26:02
  4. Monetizability
    by chris dillow in Stumbling and Mumbling on 2011-07-28 13:53:23
  5. Innovation & market failure
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  6. The secret of stock market success
    by chris dillow in Stumbling and Mumbling on 2008-03-07 09:56:49
  7. The need for supply-side socialism
    by chris dillow in Stumbling and Mumbling on 2013-03-10 12:19:18
  8. Stagnation: in the mind?
    by chris dillow in Stumbling and Mumbling on 2013-11-26 14:43:47
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