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Productivity of and Returns to Knowledge Investments

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  • Andersson, Åke E

    () (CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology)

Abstract

Information and knowledge are essential to the decision making of firms. However, information is a primitive in the formation of knowledge. Information and the related concepts of risk and surprise are primarily of importance for rational decision making while knowledge is a form of (non-material) capital to be used as a resource in the transformation of different inputs into valuable outputs. Knowledge can be embodied in educated labor, in material capital, as patented production recipes or as contents of publically available documents and other media. In the paper optimality aspects of the acquisition of knowledge capital is analyzed. Estimates of private and public returns to investments in knowledge are reported. Some economic consequences of frictions over time and space are analyzed and new models containing such frictions are proposed.

Suggested Citation

  • Andersson, Åke E, 2009. "Productivity of and Returns to Knowledge Investments," Working Paper Series in Economics and Institutions of Innovation 165, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
  • Handle: RePEc:hhs:cesisp:0165
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    References listed on IDEAS

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    1. Sharpe, William F., 1967. "Portfolio Analysis," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 2(02), pages 76-84, June.
    2. Nestor Terleckyj, 1980. "Direct and Indirect Effects of Industrial Research and Development on the Productivity Growth of Industries," NBER Chapters,in: New Developments in Productivity Measurement, pages 357-386 National Bureau of Economic Research, Inc.
    3. Ross, Stephen A., 1976. "The arbitrage theory of capital asset pricing," Journal of Economic Theory, Elsevier, vol. 13(3), pages 341-360, December.
    4. Zvi Griliches, 1998. "Interindustry Technology Flows and Productivity Growth: A Reexamination," NBER Chapters,in: R&D and Productivity: The Econometric Evidence, pages 241-250 National Bureau of Economic Research, Inc.
    5. Hicks, J. R., 1986. "A Revision of Demand Theory," OUP Catalogue, Oxford University Press, number 9780198285502.
    6. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
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    More about this item

    Keywords

    productivity; growth; knowledge; R&D; returns to R&D; returns to knowledge;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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