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@article{ Bitzer2006,
 title = {A Schumpeter-inspired Approach to the Construction of R&D Capital Stocks},
 author = {Bitzer, Jürgen and Stephan, Andreas},
 journal = {Applied Economics},
 number = {2},
 pages = {179-189},
 volume = {39},
 year = {2006},
 doi = {https://doi.org/10.1080/00036840500427973},
 urn = {https://nbn-resolving.org/urn:nbn:de:0168-ssoar-243147},
 abstract = {A new method for constructing R&D capital stocks is proposed and tested. 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 of nine industries in twelve OECD countries, and find that the new approach leads to more sensible and robust results.},
 keywords = {externe Effekte; knowledge transfer; research and development; Schumpeter, J.; OECD-Staat; Wissenstransfer; external effects; capital; OECD member country; Forschung und Entwicklung; Kapital; Schumpeter, J.}}