Are Ideas Really Getting Harder To Find? R&D Capital and the Idea Production Function

• Autorzy: Jakub Growiec , Peter McAdam , Jakub Mućk
• Języki publikacji: EN

Abstrakty

EN

We supplement the 'Idea Production Function' (IPF) with measures of R&D capital. We construct a time series of R&D capital stock in the US (1968-2019), and estimate the IPF allowing for a flexible treatment of unit productivity of R&D capital and R&D labor. We find that the elasticity of substitution between R&D input factors is 0.7-0.8 and significantly below unity. This implies that R&D capital is an essential factor in producing ideas, complementary to R&D labor. We also identify a systematic positive trend in R&D labor productivity at about 1% per year on average and a cyclical trend in R&D capital productivity. Our results can be used to revisit the ongoing discussion on whether ideas are getting harder to find, and to assess recent developments in total factor productivity growth. (original abstract)

Słowa kluczowe

EN

Research & Development (R+D); Economic growth; Long-term balance; Production function; Technological change; Estimation; Long-run economic growth

PL

Badania i rozwój (B+R); Wzrost gospodarczy; Równowaga długookresowa; Funkcja produkcji; Zmiany technologiczne; Estymacja; Długookresowy wzrost gospodarczy

• Czasopismo: Collegium of Economic Analysis SGH - Working Papers
• Rocznik: 2022
• Numer: nr 71
• Strony: 50

Twórcy

autor

Jakub Growiec

• SGH Warsaw School of Economics

autor

Peter McAdam

• Federal Reserve Bank of Kansas City, USA

autor

Jakub Mućk

• SGH Warsaw School of Economics

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Identyfikatory

DOI

https://cor.sgh.waw.pl/bitstream/handle/20.500.12182/1128/WPKAE_2022_071.pdf?sequence=2&isAllowed=y