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Science, R&D, and Invention Potential Recharge: U.S. Evidence

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  • Adams, James D

Abstract

The influence of academic science on industrial R&D seems to have increased in recent years compared with the pre-World War II period. This paper outlines an approach to tracing this influence using a panel of 14 R&D performing industries from 1961-1986. The results indicate an elasticity between real R&D and indicators of stocks of academic science of about 0.6. This elasticity is significant controlling for industry effects. However, the elasticity declines from its level during the 1961-1973 subperiod, when it was 2.2, to 0.5 during the 1974-1986 subperiod. Reasons for the decline include exogenous and endogenous exhaustion of invention potential, and declining incentives to do R&D stemming from a weakening of intellectual property rights. The growth of R&D since the mid-1980s suggests a restoration of R&D incentives in still more recent times.
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  • Adams, James D, 1993. "Science, R&D, and Invention Potential Recharge: U.S. Evidence," American Economic Review, American Economic Association, vol. 83(2), pages 458-462, May.
    • Handle: RePEc:aea:aecrev:v:83:y:1993:i:2:p:458-62
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    Cited by:

    1. Joe Mattey, 1993. "Evidence on IO Technology Assumptions From the Longitudinal Research Database," Working Papers 93-8, Center for Economic Studies, U.S. Census Bureau.
    2. A. Varga, 2006. "Spatial Knowledge Spillovers and University Research: Evidence from Austria," Springer Books, in: Innovation, Networks, and Knowledge Spillovers, chapter 10, pages 211-232, Springer.
    3. James Adams & Zvi Griliches, 1996. "Measuring Science: An Exploration," Harvard Institute of Economic Research Working Papers 1749, Harvard - Institute of Economic Research.
    4. Cohen, Wesley M., 2010. "Fifty Years of Empirical Studies of Innovative Activity and Performance," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 1, chapter 0, pages 129-213, Elsevier.
    5. Sang V Nguyen & Robert H Mcguckin & Arnold P Reznek, 1995. "The Impact Of Ownership Change On Employment, Wages, And Labor Productivity In U.S. Manufacturing 1977-87," Working Papers 95-8, Center for Economic Studies, U.S. Census Bureau.
    6. Wang, Mengyu & Wurgler, Jeffrey & Zhang, Hong, 2026. "Policy uncertainty reduces green innovation," Journal of Financial Economics, Elsevier, vol. 175(C).
    7. Klenow, Peter J., 1996. "Industry innovation: where and why," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 44(1), pages 125-150, June.
    8. Andrea Bonaccorsi & Cinzia Daraio, 2013. "Knowledge spillover effects at the sub-regional level. Theory and estimation," DIAG Technical Reports 2013-13, Department of Computer, Control and Management Engineering, Universita' degli Studi di Roma "La Sapienza".

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