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Economics of Research and Development
Economics of Research and Development is a collection of the major readings in the development of this topic, from its origins in the work of Kenneth Arrow, Robert Solow, and Zvi Griliches to present day concerns with the financing of R&D and measurement of its returns. Topics covered include historical perspectives, market structure and the various ways R&D is conducted, the role of venture capital and government incentives, the measurement of R&D returns including spillovers to other firms or countries and the contribution of R&D to economic growth.
The volume serves as an invaluable reference for those who would like to have the seminal papers on R&D collected in a single source.
The volume serves as an invaluable reference for those who would like to have the seminal papers on R&D collected in a single source.
More Information
Contributors
Contents
More Information
Economics of Research and Development is a collection of the major readings in the development of this topic, from its origins in the work of Kenneth Arrow, Robert Solow, and Zvi Griliches to present day concerns with the financing of R&D and measurement of its returns. Topics covered include historical perspectives, market structure and the various ways R&D is conducted, the role of venture capital and government incentives, the measurement of R&D returns including spillovers to other firms or countries and the contribution of R&D to economic growth.
The volume serves as an invaluable reference for those who would like to have the seminal papers on R&D collected in a single source.
The volume serves as an invaluable reference for those who would like to have the seminal papers on R&D collected in a single source.
Contributors
33 articles, dating from 1942 to 2009
Contributors include: K. Arrow, Z. Griliches, A. Jaffe, D. Mowery, R. Nelson, N. Rosenberg, F.M. Scherer, S. Scotchmer, P. Stephan
Contributors include: K. Arrow, Z. Griliches, A. Jaffe, D. Mowery, R. Nelson, N. Rosenberg, F.M. Scherer, S. Scotchmer, P. Stephan
Contents
Contents:
Introduction Bronwyn H. Hall
PART I BASICS OF RESEARCH AND DEVELOPMENT
1. Kenneth J. Arrow (1962), ‘Economic Welfare and the Allocation of Resources for Invention’, in Richard R. Nelson (ed.), The Rate and Direction of Inventive Activity: Economic and Social Factors, Chapter 23, Princeton, New Jersey, USA: Princeton University Press, 609–26
2. Joseph A. Schumpeter ([1943] 2003), ‘The Process of Creative Destruction’ and ‘Monopolistic Practices’, in Capitalism, Socialism and Democracy, Chapters 7–8, London, UK and NY, USA: Routledge, 81–106
3. F.M. Scherer, Dietmar Harhoff and Jörg Kukies (2000), ‘Uncertainty and the Size Distribution of Rewards from Innovation’, Journal of Evolutionary Economics, 10 (1–2), January, 175–200
4. Paula E. Stephan (1996), ‘The Economics of Science’, Journal of Economic Literature, XXXIV (3), September, 1199–235
PART II HISTORICAL PERSPECTIVES
5. William F. Ogburn and Dorothy Thomas (1922), ‘Are Inventions Inevitable? A Note on Social Evolution’, Political Science Quarterly, 37 (1), March, 83–98
6. David C. Mowery (1983), ‘Industrial Research and Firm Size, Survival, and Growth in American Manufacturing, 1921–46: An Assessment’, Journal of Economic History, 43 (4), December, 953–80
PART III CONDUCT OF RESEARCH AND DEVELOPMENT
7. Nathan Rosenberg (1969), ‘The Direction of Technological Change: Inducement Mechanisms and Focusing Devices’, Economic Development and Cultural Change, 18 (1, part 1), October, 1–24
8. Richard R. Nelson (1959), ‘The Simple Economics of Basic Scientific Research’, Journal of Political Economy, 67 (3), June, 297–306
9. Wesley M. Cohen and Daniel A. Levinthal (1989), ‘Innovation and Learning: The Two Faces of R&D’, Economic Journal, 99 (397), September, 569–96
10. Suzanne Scotchmer (1991), ‘Standing on the Shoulders of Giants: Cumulative Research and the Patent Law’, Journal of Economic Perspectives, 5 (1), Winter, 29–41
PART IV RESEARCH AND DEVELOPMENT SPILLOVERS
11. Adam B. Jaffe (1986), ‘Technological Opportunity and Spillovers of R&D: Evidence from Firms'' Patents, Profits, and Market Value’, American Economic Review, 76 (5), December, 984–1001
12. Jeffrey I. Bernstein and M. Ishaq Nadiri (1989), ‘Research and Development and Intra-industry Spillovers: An Empirical Application of Dynamic Duality’, Review of Economic Studies, 56 (2), April, 249–69
13. David T. Coe and Elhanan Helpman (1995), ‘International R&D Spillovers’, European Economic Review, 39 (5), May, 859–87
14. Wolfgang Keller (1998), ‘Are International R&D Spillovers Trade-Related? Analyzing Spillovers Among Randomly Matched Trade Partners’, European Economic Review, 42 (8), September, 1469–81
15. Zvi Griliches (1992), ‘The Search for R&D Spillovers’, Scandinavian Journal of Economics, 94 (Supplement), S29–S47
PART V FINANCING OF RESEARCH AND DEVELOPMENT
16. Bronwyn H. Hall (2002), ‘The Financing of Research and Development’, Oxford Review of Economic Policy, 18 (1), March, 35–51
17. Ronald J. Gilson (2003), ‘Engineering a Venture Capital Market: Lessons From the American Experience’, Stanford Law Review, 55 (4), April, 1067–103
18. Paul Gompers and Josh Lerner (2001), ‘The Venture Capital Revolution’, Journal of Economic Perspectives, 15 (2), Spring, 145–68
19. Bronwyn H. Hall and John Van Reenen (2000), ‘How Effective are Fiscal Incentives for R&D? A Review of the Evidence’, Research Policy, 29 (4–5), April, 449–69
20. Paul A. David, Bronwyn H. Hall and Andrew A. Toole (2000), ‘Is Public R & D a Complement or Substitute for Private R&D? A Review of the Econometric Evidence’, Research Policy, 29 (4–5), April, 497–529
PART VI RESEARCH AND DEVELOPMENT AND MARKET STRUCTURE
21. F.M. Scherer (1967), ‘Research and Development Resource Allocation Under Rivalry’, Quarterly Journal of Economics, LXXXI (3), August, 359–94
22. Partha Dasgupta and Joseph Stiglitz (1980), ‘Industrial Structure and the Nature of Innovative Activity’, Economic Journal, 90 (358), June, 266–93
23. Wesley Cohen (1995), ‘Empirical Studies of Innovative Activity and Performance’, in Paul Stoneman (ed.), Handbook of the Economics of Innovation and Technological Change, Chapter 6, Oxford, UK: Blackwell Publishers, 182–264
24. Philippe Aghion, Nick Bloom, Richard Blundell, Rachel Griffith and Peter Howitt (2005), ‘Competition and Innovation: An Inverted-U Relationship’, Quarterly Journal of Economics, 120 (2), May, 701–28
PART VII MEASURING RESEARCH AND DEVELOPMENT PERFORMANCE
25. Edwin Mansfield, John Rapoport, Anthony Romeo, Samuel Wagner and George Beardsley (1977), ‘Social and Private Rates of Return from Industrial Innovations’, Quarterly Journal of Economics, 91 (2), May, 221–40
26. Zvi Griliches (1958), ‘Research Costs and Social Returns: Hybrid Corn and Related Innovations’, Journal of Political Economy, 66 (5), October, 419–31
27. Zvi Griliches (1979), ‘Issues in Assessing the Contribution of Research and Development to Productivity Growth’, Bell Journal of Economics, 10 (1), Spring, 92–116
28. Zvi Griliches (1994), ‘Productivity, R&D, and the Data Constraint’, American Economic Review, 84 (1), March, 1–23
29. Bruno Crépon, Emmanuel Duguet and Jacques Mairesse (1998), ‘Research, Innovation and Productivity: An Econometric Analysis at the Firm Level’, Economics of Innovation and New Technology, 7 (2), 115–58
30. Bronwyn H. Hall (2005), ‘Measuring the Returns to R&D: The Depreciation Problem’, Annales D’Économie et de Statistique, Issue Spécial, 79–80 (IV), July – December, 341–81
PART VIII RESEARCH AND DEVELOPMENT AND ECONOMIC GROWTH
31. Robert M. Solow (1957), ‘Technical Change and the Aggregate Production Function’, Review of Economics and Statistics, 39 (3), August, 312–20
32. Charles I. Jones and John C. Williams (1998), ‘Measuring the Social Return to R&D’, Quarterly Journal of Economics, 113 (4), November, 1119–35
33. Carol Corrado, Charles Hulten and Daniel Sichel (2009), ‘Intangible Capital and US Economic Growth’, Review of Income and Wealth, 55 (3), September, 661–85
Index
Introduction Bronwyn H. Hall
PART I BASICS OF RESEARCH AND DEVELOPMENT
1. Kenneth J. Arrow (1962), ‘Economic Welfare and the Allocation of Resources for Invention’, in Richard R. Nelson (ed.), The Rate and Direction of Inventive Activity: Economic and Social Factors, Chapter 23, Princeton, New Jersey, USA: Princeton University Press, 609–26
2. Joseph A. Schumpeter ([1943] 2003), ‘The Process of Creative Destruction’ and ‘Monopolistic Practices’, in Capitalism, Socialism and Democracy, Chapters 7–8, London, UK and NY, USA: Routledge, 81–106
3. F.M. Scherer, Dietmar Harhoff and Jörg Kukies (2000), ‘Uncertainty and the Size Distribution of Rewards from Innovation’, Journal of Evolutionary Economics, 10 (1–2), January, 175–200
4. Paula E. Stephan (1996), ‘The Economics of Science’, Journal of Economic Literature, XXXIV (3), September, 1199–235
PART II HISTORICAL PERSPECTIVES
5. William F. Ogburn and Dorothy Thomas (1922), ‘Are Inventions Inevitable? A Note on Social Evolution’, Political Science Quarterly, 37 (1), March, 83–98
6. David C. Mowery (1983), ‘Industrial Research and Firm Size, Survival, and Growth in American Manufacturing, 1921–46: An Assessment’, Journal of Economic History, 43 (4), December, 953–80
PART III CONDUCT OF RESEARCH AND DEVELOPMENT
7. Nathan Rosenberg (1969), ‘The Direction of Technological Change: Inducement Mechanisms and Focusing Devices’, Economic Development and Cultural Change, 18 (1, part 1), October, 1–24
8. Richard R. Nelson (1959), ‘The Simple Economics of Basic Scientific Research’, Journal of Political Economy, 67 (3), June, 297–306
9. Wesley M. Cohen and Daniel A. Levinthal (1989), ‘Innovation and Learning: The Two Faces of R&D’, Economic Journal, 99 (397), September, 569–96
10. Suzanne Scotchmer (1991), ‘Standing on the Shoulders of Giants: Cumulative Research and the Patent Law’, Journal of Economic Perspectives, 5 (1), Winter, 29–41
PART IV RESEARCH AND DEVELOPMENT SPILLOVERS
11. Adam B. Jaffe (1986), ‘Technological Opportunity and Spillovers of R&D: Evidence from Firms'' Patents, Profits, and Market Value’, American Economic Review, 76 (5), December, 984–1001
12. Jeffrey I. Bernstein and M. Ishaq Nadiri (1989), ‘Research and Development and Intra-industry Spillovers: An Empirical Application of Dynamic Duality’, Review of Economic Studies, 56 (2), April, 249–69
13. David T. Coe and Elhanan Helpman (1995), ‘International R&D Spillovers’, European Economic Review, 39 (5), May, 859–87
14. Wolfgang Keller (1998), ‘Are International R&D Spillovers Trade-Related? Analyzing Spillovers Among Randomly Matched Trade Partners’, European Economic Review, 42 (8), September, 1469–81
15. Zvi Griliches (1992), ‘The Search for R&D Spillovers’, Scandinavian Journal of Economics, 94 (Supplement), S29–S47
PART V FINANCING OF RESEARCH AND DEVELOPMENT
16. Bronwyn H. Hall (2002), ‘The Financing of Research and Development’, Oxford Review of Economic Policy, 18 (1), March, 35–51
17. Ronald J. Gilson (2003), ‘Engineering a Venture Capital Market: Lessons From the American Experience’, Stanford Law Review, 55 (4), April, 1067–103
18. Paul Gompers and Josh Lerner (2001), ‘The Venture Capital Revolution’, Journal of Economic Perspectives, 15 (2), Spring, 145–68
19. Bronwyn H. Hall and John Van Reenen (2000), ‘How Effective are Fiscal Incentives for R&D? A Review of the Evidence’, Research Policy, 29 (4–5), April, 449–69
20. Paul A. David, Bronwyn H. Hall and Andrew A. Toole (2000), ‘Is Public R & D a Complement or Substitute for Private R&D? A Review of the Econometric Evidence’, Research Policy, 29 (4–5), April, 497–529
PART VI RESEARCH AND DEVELOPMENT AND MARKET STRUCTURE
21. F.M. Scherer (1967), ‘Research and Development Resource Allocation Under Rivalry’, Quarterly Journal of Economics, LXXXI (3), August, 359–94
22. Partha Dasgupta and Joseph Stiglitz (1980), ‘Industrial Structure and the Nature of Innovative Activity’, Economic Journal, 90 (358), June, 266–93
23. Wesley Cohen (1995), ‘Empirical Studies of Innovative Activity and Performance’, in Paul Stoneman (ed.), Handbook of the Economics of Innovation and Technological Change, Chapter 6, Oxford, UK: Blackwell Publishers, 182–264
24. Philippe Aghion, Nick Bloom, Richard Blundell, Rachel Griffith and Peter Howitt (2005), ‘Competition and Innovation: An Inverted-U Relationship’, Quarterly Journal of Economics, 120 (2), May, 701–28
PART VII MEASURING RESEARCH AND DEVELOPMENT PERFORMANCE
25. Edwin Mansfield, John Rapoport, Anthony Romeo, Samuel Wagner and George Beardsley (1977), ‘Social and Private Rates of Return from Industrial Innovations’, Quarterly Journal of Economics, 91 (2), May, 221–40
26. Zvi Griliches (1958), ‘Research Costs and Social Returns: Hybrid Corn and Related Innovations’, Journal of Political Economy, 66 (5), October, 419–31
27. Zvi Griliches (1979), ‘Issues in Assessing the Contribution of Research and Development to Productivity Growth’, Bell Journal of Economics, 10 (1), Spring, 92–116
28. Zvi Griliches (1994), ‘Productivity, R&D, and the Data Constraint’, American Economic Review, 84 (1), March, 1–23
29. Bruno Crépon, Emmanuel Duguet and Jacques Mairesse (1998), ‘Research, Innovation and Productivity: An Econometric Analysis at the Firm Level’, Economics of Innovation and New Technology, 7 (2), 115–58
30. Bronwyn H. Hall (2005), ‘Measuring the Returns to R&D: The Depreciation Problem’, Annales D’Économie et de Statistique, Issue Spécial, 79–80 (IV), July – December, 341–81
PART VIII RESEARCH AND DEVELOPMENT AND ECONOMIC GROWTH
31. Robert M. Solow (1957), ‘Technical Change and the Aggregate Production Function’, Review of Economics and Statistics, 39 (3), August, 312–20
32. Charles I. Jones and John C. Williams (1998), ‘Measuring the Social Return to R&D’, Quarterly Journal of Economics, 113 (4), November, 1119–35
33. Carol Corrado, Charles Hulten and Daniel Sichel (2009), ‘Intangible Capital and US Economic Growth’, Review of Income and Wealth, 55 (3), September, 661–85
Index
