Measuring the Social Return to R&D

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ID: 302995
1998
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Abstract
Is there too much or too little research and development (R&D)? In this paper we bridge the gap between the recent growth literature and the empirical productivity literature. We derive in a growth model the relationship between the social rate of return to R&D and the coefficient estimates of the empirical literature and show that these estimates represent a lower bound. Furthermore, our analytic framework provides a direct mapping from the rate of return to the degree of underinvestment in research. Conservative estimates suggest that optimal R&D investment is at least two to four times actual investment.
Reference Key
openalex_W2046116978 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors C. I. Jones, J. C. Williams
Journal the quarterly journal of economics
Year 1998
DOI
10.1162/003355398555856
URL
https://doi.org/10.1162/003355398555856
Keywords Keywords not found

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