Investment-Specific Technical Change and the Production of Ideas

Roberto Samaniego ()

No 291, Computing in Economics and Finance 2005 from Society for Computational Economics

Abstract: I argue that an aggregate model in which the generation of knowledge is an important factor of economic growth can be reconciled with several otherwise puzzling empirical findings on this link if knowledge affects output through investment-specific technical change. In the model, there may be a weak empirical relationship between measures of knowledge and total factor productivity even when the generation of knowledge is the predominant channel through which economic growth takes place. The results also suggest that intertemporal spillovers in the production of knowledge are likely to be small

Keywords: ideas' production; quasi-endogenous growth; patent stock; investment specific technical change; price of capital. (search for similar items in EconPapers)
JEL-codes: E30 O30 O40 (search for similar items in EconPapers)
Date: 2005-11-11
New Economics Papers: this item is included in nep-cse, nep-ino and nep-mac
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Citations: View citations in EconPapers (1)

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