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The Role of Knowledge in R&D Efficiency

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  • Richard R. Nelson

Abstract

Past research has recognized that both demand and capability influence the allocation of R&D resources. Scholars have had an easier time getting a grip on demand than on capability. While it has been recognized that knowledge is an important part of capability, to date, formalization of knowledge and its role in R&D activity has been unsatisfactory. This paper models the role of knowledge in R&D. Various sources of such knowledge are considered. The model throws a different light on analyses that employ a “knowledge capital stock,†and also illuminates the dual private and public nature of technological knowledge.

Suggested Citation

  • Richard R. Nelson, 1982. "The Role of Knowledge in R&D Efficiency," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 97(3), pages 453-470.
    • Handle: RePEc:oup:qjecon:v:97:y:1982:i:3:p:453-470.
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