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A Schumpeter-Inspired Approach to the Construction of R&D Capital Stocks

Discussion Papers 300, 19 S.

Jürgen Bitzer, Andreas Stephan

2002. Okt.

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Published in: Applied Economics (2007), 153-167


A new method for constructing R&D capital stocks is proposed. Following Schumpeter, the development of R&D capital stocks is modelled as a process of creative destruction. Newly generated knowledge is assumed not only to add to the existing R&D capital stocks but also, by displacing old knowledge, to destroy part of that capital. This is in stark contrast to the perpetual inventory method, which postulates a constant rate of depreciation. We compare both methods by estimating the impact of R&D and spillovers on output in OECD countries, and find that the new approach leads to more sensible and robust results.

JEL-Classification: C82;O31;D62
Keywords: R&D capital stocks, knowledge spillovers, creative destruction
Frei zugängliche Version: (econstor)