Measuring the Social Return to R&D

@article{Jones1998MeasuringTS,
  title={Measuring the Social Return to R&D},
  author={C. Jones and J. Williams},
  journal={Quarterly Journal of Economics},
  year={1998},
  volume={113},
  pages={1119-1135}
}
Is there too much or too little research and development (R&D)? In this paper we bridge the gap between the recent growth literature and the empirical productivity literature. We derive in a growth model the relationship between the social rate of return to R&D and the coefficient estimates of the empirical literature and show that these estimates represent a lower bound. Furthermore, our analytic framework provides a direct mapping from the rate of return to the degree of underinvestment in… Expand
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