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Has New Zealand Benefited From its Investments in Research & Development?
The authors use panel data for nine industries to evaluate research and development investments in New Zealand over the past forty years. They estimate the impact of R&D stocks in a particular industry on output per person in that industry and on output per person in the rest of the economy.
Link
http://econwpa.wustl.edu:80/eps/dev/papers/0510/0510022.pdf