IDEAS home Printed from https://ideas.repec.org/a/taf/ecinnt/v13y2004i7p655-670.html
   My bibliography  Save this article

Economic policy, the new economy and the social rate of return to R&D in UK manufacturing

Author

Listed:
  • Tony Buxton
  • Gerry Kennally

Abstract

This article focuses on the question of whether public policy changes and/or the new economy have influenced the social returns to R&D expenditure in UK manufacturing over the three decades up to the end of the millennium. The basic methodology is reasonably straightforward, to estimate a production function in which, in addition to labour and fixed capital, R&D appears separately in a form that directly enables estimates of the social return to investment in knowledge and how it has changed over time. The results suggest that neither changes in government R&D policy nor the new economy have raised social returns to R&D.

Suggested Citation

  • Tony Buxton & Gerry Kennally, 2004. "Economic policy, the new economy and the social rate of return to R&D in UK manufacturing," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 13(7), pages 655-670.
    • Handle: RePEc:taf:ecinnt:v:13:y:2004:i:7:p:655-670
    DOI: 10.1080/1043859042000205160
    as

    Download full text from publisher

    File URL: http://www.tandfonline.com/doi/abs/10.1080/1043859042000205160
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/1043859042000205160?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Balasubramanyam, V N & Salisu, M & Sapsford, David, 1996. "Foreign Direct Investment and Growth in EP and IS Countries," Economic Journal, Royal Economic Society, vol. 106(434), pages 92-105, January.
    2. Cohen, Wesley M. & Levin, Richard C., 1989. "Empirical studies of innovation and market structure," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 18, pages 1059-1107, Elsevier.
    3. Paul Geroski & Steve Machin & John Van Reenen, 1993. "The Profitability of Innovating Firms," RAND Journal of Economics, The RAND Corporation, vol. 24(2), pages 198-211, Summer.
    4. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: U.S. Economic Growth in the Information Age," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 125-236.
    5. Charles I. Jones & John C. Williams, 1998. "Measuring the Social Return to R&D," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 113(4), pages 1119-1135.
    6. Brookes, Martin & Wahhaj, Zaki, 2001. "The Economic Effects of Business to Business Internet Activity," National Institute Economic Review, National Institute of Economic and Social Research, vol. 175, pages 95-108, January.
    7. Stoneman, Paul & Kwon, Myung Joong, 1996. "Technology Adoption and Firm Profitability," Economic Journal, Royal Economic Society, vol. 106(437), pages 952-962, July.
    8. Simon Kuznets, 1962. "Inventive Activity: Problems of Definition and Measurement," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 19-52, National Bureau of Economic Research, Inc.
    9. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tony Buxton & Gerry Kennally, 2004. "Comparison of excess social rates of return to product and process R&D," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 13(6), pages 509-521.
    2. Martin Falk & Hannes Leo, 2004. "Die Innovationsaktivitäten der österreichischen Unternehmen. Empirische Analysen auf Basis der Europäischen Innovationserhebung 1996 und 2000," WIFO Studies, WIFO, number 25249.
    3. Jaffe, Adam B. & Newell, Richard G. & Stavins, Robert N., 2003. "Chapter 11 Technological change and the environment," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 1, chapter 11, pages 461-516, Elsevier.
    4. Stefano Brusoni & Elena Cefis & Luigi Orsenigo, 2006. "Innovate or Die? A critical review of the literature on innovation and performance," KITeS Working Papers 179, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Sep 2006.
    5. Ngai, L. Rachel & Samaniego, Roberto M., 2008. "Research and Productivity Growth Across Industries," LSE Research Online Documents on Economics 4410, London School of Economics and Political Science, LSE Library.
    6. Richard Harris & John Moffat, 2011. "R&D, Innovation and Exporting," SERC Discussion Papers 0073, Centre for Economic Performance, LSE.
    7. Stavins, Robert & Jaffe, Adam & Newell, Richard, 2000. "Technological Change and the Environment," Working Paper Series rwp00-002, Harvard University, John F. Kennedy School of Government.
    8. Ronald Kumar, 2014. "Exploring the role of technology, tourism and financial development: an empirical study of Vietnam," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(5), pages 2881-2898, September.
    9. Michael L. Katz & Howard A. Shelanski, 2005. "Merger Policy and Innovation: Must Enforcement Change to Account for Technological Change?," NBER Chapters, in: Innovation Policy and the Economy, Volume 5, pages 109-165, National Bureau of Economic Research, Inc.
    10. Gersbach, Hans & Sorger, Gerhard & Amon, Christian, 2018. "Hierarchical growth: Basic and applied research," Journal of Economic Dynamics and Control, Elsevier, vol. 90(C), pages 434-459.
    11. Panayotis Dessyllas & Alan Hughes, 2005. "R&D and Patenting Activity and the Propensity to Acquire in High Technology Industries," Working Papers wp298, Centre for Business Research, University of Cambridge.
    12. Valle, Sandra & García, Francisco & Avella, Lucía, 2015. "Offshoring Intermediate Manufacturing: Boost or Hindrance to Firm Innovation?," Journal of International Management, Elsevier, vol. 21(2), pages 117-134.
    13. G Cameron, 1996. "Innovation and Economic Growth," CEP Discussion Papers dp0277, Centre for Economic Performance, LSE.
    14. Pierluigi Murro, 2013. "The Determinants Of Innovation: What Is The Role Of Risk?," Manchester School, University of Manchester, vol. 81(3), pages 293-323, June.
    15. Feldman, Maryann P. & Kogler, Dieter F., 2010. "Stylized Facts in the Geography of Innovation," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 1, chapter 0, pages 381-410, Elsevier.
    16. Caspari, Volker & Rubart, Jens & Rehme, Günther, 2004. "Education, Research, and Economic Growth," Darmstadt Discussion Papers in Economics 138, Darmstadt University of Technology, Department of Law and Economics.
    17. Harrison, Ann & Rodríguez-Clare, Andrés, 2010. "Trade, Foreign Investment, and Industrial Policy for Developing Countries," Handbook of Development Economics, in: Dani Rodrik & Mark Rosenzweig (ed.), Handbook of Development Economics, edition 1, volume 5, chapter 0, pages 4039-4214, Elsevier.
    18. Lichter, Andreas & Loeffler, Max & Isphording, Ingo E. & Nguyen, Thu-Van & Poege, Felix & Siegloch, Sebastian, 2021. "Profit Taxation, R&D Spending, and Innovation," IZA Discussion Papers 14830, Institute of Labor Economics (IZA).
    19. Baptista, Rui & Swann, Peter, 1998. "Do firms in clusters innovate more?," Research Policy, Elsevier, vol. 27(5), pages 525-540, September.
    20. Leibowicz, Benjamin D., 2018. "Welfare improvement windows for innovation policy," Research Policy, Elsevier, vol. 47(2), pages 390-398.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:ecinnt:v:13:y:2004:i:7:p:655-670. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/GEIN20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.