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Title:A Schumpeter-inspired approach to the construction of R&D capital stocks PDF Logo
Authors:Bitzer, Jürgen
Stephan, Andreas
Issue Date:2002
Series/Report no.:DIW-Diskussionspapiere 300
Abstract:A new method for constructing R&D capital stocks is proposed. Following Schumpeter, the development of R&D capital stocks is modelled as a process of creative destruction. Newly generated knowledge is assumed not only to add to the existing R&D capital stocks but also, by displacing old knowledge, to destroy part of that capital. This is in stark contrast to the perpetual inventory method, which postulates a constant rate of depreciation. We compare both methods by estimating the impact of R&D and spillovers on output in OECD countries, and find that the new approach leads to more sensible and robust results.
Subjects:R&D capital stocks
knowledge spillovers
creative destruction
JEL:C82
O31
D62
Document Type:Working Paper
Appears in Collections:DIW-Diskussionspapiere
Publikationen von Forscherinnen und Forschern des DIW

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