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Investment-Specific Technical Change and the Production of Ideas

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  • Roberto M Samaniego

Abstract

I argue that an aggregate model in which the generation of knowledge is an important factor of economic growth can be reconciled with several otherwise puzzling empirical findings on this link if knowledge affects output through investment-specific technical change. In the model, there may be a weak empirical relationship between measures of knowledge and total factor productivity even when the generation of knowledge is the predominant channel through which economic growth takes place. The results also suggest that intertemporal spillovers in the production of knowledge are likely to be small

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Bibliographic Info

Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2005 with number 291.

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Date of creation: 11 Nov 2005
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Handle: RePEc:sce:scecf5:291

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Keywords: ideas' production; quasi-endogenous growth; patent stock; investment specific technical change; price of capital.;

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Cited by:
  1. Samaniego, Roberto M., 2008. "Can technical change exacerbate the effects of labor market sclerosis," Journal of Economic Dynamics and Control, Elsevier, vol. 32(2), pages 497-528, February.

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