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R&D: A Small Contribution to Productivity Growth
The author evaluate the contribution of research and development (R&D) investments to productivity growth. The resulting contribution of R&D to productivity growth in the U.S. is smaller than three to five tenths of one percentage point. This constitutes an upper bound for the case where innovators internalize the consequences of their R&D investments on the cost of conducting
future innovations.
Link
Available for purchase at: http://www.nber.org/papers/W10625