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Technological-Knowledge Dynamics in Lab-Equipment Models of Quality Ladders

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  • Pedro Mazeda Gil

    ()
    (Faculdade de Economia, Universidade do Porto and CEMPRE, Rua Dr Roberto Frias, 4200-464, Porto, Portugal.)

  • Óscar Afonso

    ()
    (Faculdade de Economia, Universidade do Porto and CEMPRE, Rua Dr Roberto Frias, 4200-464, Porto, Portugal.)

Abstract

The Perpetual Inventory Model (PIM) assumes that, in each period, an arbitrary constant fraction of technological-knowledge stock is lost. By connecting the aggregate resource constraint with firms’ market value, we give a theoretical background to the PIM by showing that the technological-knowledge accumulation follows a dynamic process with an endogenous depreciation rate, which remains stable in steady state. Moreover, we relate different concepts of technological-knowledge used in the literature.

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Bibliographic Info

Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 283.

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Length: 12 pages.
Date of creation: Jul 2008
Date of revision:
Handle: RePEc:por:fepwps:283

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Keywords: endogenous growth; endogenous depreciation rate; Perpetual Inventory Model; technological-knowledge dynamics;

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  1. Jurgen Bitzer & Andreas Stephan, 2007. "A Schumpeter-inspired approach to the construction of R&D capital stocks," Applied Economics, Taylor & Francis Journals, vol. 39(2), pages 179-189.
  2. Klette, Tor Jakob & Kortum, Samuel, 2002. "Innovating Firms and Aggregate Innovation," Memorandum 02/2002, Oslo University, Department of Economics.
  3. Argentino Pessoa, 2003. "Ideas driven growth: the OECD evidence," FEP Working Papers 136, Universidade do Porto, Faculdade de Economia do Porto.
  4. Segerstrom, Paul S & Zolnierek, James M, 1999. "The R&D Incentives of Industry Leaders," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(3), pages 745-66, August.
  5. Luis A. Rivera-Batiz & Paul M. Romer, 1990. "Economic Integration and Endogenous Growth," NBER Working Papers 3528, National Bureau of Economic Research, Inc.
  6. Ricardo J. Caballero & Adam B. Jaffe, 1993. "How High are the Giants' Shoulders: An Empirical Assessment of Knowledge Spillovers and Creative Destruction in a Model of Economic Growth," NBER Chapters, in: NBER Macroeconomics Annual 1993, Volume 8, pages 15-86 National Bureau of Economic Research, Inc.
  7. Jungsoo Park, 2004. "International and Intersectoral R&D Spillovers in the OECD and East Asian Economies," Economic Inquiry, Western Economic Association International, vol. 42(4), pages 739-757, October.
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