Are Ideas Really Getting Harder To Find? R&D Capital and the Idea Production Function
dc.contributor.author | Growiec, Jakub | |
dc.contributor.author | McAdam, Peter | |
dc.contributor.author | Mućk, Jakub | |
dc.date.accessioned | 2023-07-31T05:08:25Z | |
dc.date.available | 2023-07-31T05:08:25Z | |
dc.date.issued | 2022-02 | |
dc.identifier.citation | Growiec J., McAdam P., Mućk J., Are Ideas Really Getting Harder To Find? R&D Capital and the Idea Production Function, KAE Working Papers, 2022, nr 2022-071, s. 1-51 | en |
dc.identifier.uri | http://hdl.handle.net/20.500.12182/1128 | |
dc.description.abstract | 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) based on cumulated R&D investment. We estimate the IPF with patent applications as R&D output, 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 suggest that instead of 'ideas getting harder to find', there is an increasing scarcity of R&D capital needed to find them. | en |
dc.language.iso | en | |
dc.rights | Dozwolony użytek | * |
dc.subject | R&D | en |
dc.subject | long-run growth | en |
dc.subject | technical change | en |
dc.subject | estimation | en |
dc.subject | CES | en |
dc.subject.classification | O30 | en |
dc.subject.classification | O40 | en |
dc.subject.classification | O47 | en |
dc.title | Are Ideas Really Getting Harder To Find? R&D Capital and the Idea Production Function | en |
dc.type | workingPaper | en |
dc.description.number | 2022-071 | en |
dc.description.physical | 1-51 | en |
dc.description.series | SGH KAE Working Papers Series | en |
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