Intangible Capital and Labor Productivity Growth – Revisiting the Evidence: An Update
No 11, Hamburg Discussion Papers in International Economics from University of Hamburg, Chair of International Economics
This contribution analyzes the impact of intangible capital on labor productivity growth across countries at the aggregate and sectoral levels by employing an econometric growth-accounting approach. First, our results show that intangible capital deepening accounts for around 50 percent of labor productivity growth at both the aggregate and sectoral level. Second, we find that this positive impact of intangible capital on productivity growth at both levels of aggregation is driven by investments in economic competencies, the only intangible group not covered in the national accounts. Third, our results reveal deep sectoral heterogeneities regarding investments and productivity effects of different intangible types. These findings have important implications for future EU industrial policies and are directly relevant to the EU's efforts to close its productivity gap with the US.
Keywords: intangible capital; labor productivity growth; cross-country sectoral panel analysis; manufacturing; market services; EU (search for similar items in EconPapers)
JEL-codes: C23 E22 L16 L60 L80 O47 O52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec, nep-eff, nep-gro, nep-ind, nep-knm, nep-mac and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:uhhhdp:11
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