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| Author: | Kortum, S. S. |
| Title: | Research, patenting, and technological change |
| Journal: | Econometrica
1997 : NOV, VOL. 65:6, p. 1389-1419 |
| Index terms: | INNOVATION PATENTS PRODUCTIVITY RESEARCH TECHNOLOGICAL CHANGE |
| Language: | eng |
| Abstract: | This study develops a search theory of invention to explain the lon-run behavior of research employment, patenting, and total factor productivity growth. Patents per researcher decline over time as technological breakthroughs become increasingly hard to come by. The number of researchers must rise exponentially to generate a constant flow of new patented inventions. The growth in research effort produces constant productivity growth if the size distribution of inventions is stationary. The size distribution will be stationary if the search distribution of potential new tecniques is Pareto. The growth in research employment itself is fueled by an increase in the value of patented inventions relative to wages which is in turn sustained by growth in the labor force. |
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