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.
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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
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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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