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Investment-Specific Technical Change and the Production of Ideas

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  • Roberto M Samaniego

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

Suggested Citation

  • Roberto M Samaniego, 2005. "Investment-Specific Technical Change and the Production of Ideas," Computing in Economics and Finance 2005 291, Society for Computational Economics.
    • Handle: RePEc:sce:scecf5:291
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    References listed on IDEAS

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    Cited by:

    1. Samaniego, Roberto M., 2008. "Can technical change exacerbate the effects of labor market sclerosis," Journal of Economic Dynamics and Control, Elsevier, vol. 32(2), pages 497-528, February.

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    More about this item

    Keywords

    ideas' production; quasi-endogenous growth; patent stock; investment specific technical change; price of capital.;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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