Economic growth in a world of ideas: the US and the leading European countries

Myro, Rafael; Colino, Alberto; Pérez, Patricio

doi:10.1080/00036840600993957

Cited by 4 publications

(11 citation statements)

References 17 publications

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“…In our work we accept the value of 0.07 employed by Jones and Myro et al (2008) relying on the estimations of Mincer (1974). vii Finally, we need to find a value for σ which indicates the share of the total stock of knowledge in the economy.…”

Section: The Growth Model and Entrepreneurshipmentioning

confidence: 99%

“…Following the above formulation, Myro et al (2008) estimated Jones´s specification of the ideas function not only for the US economy, but for several leading European Union countries (i.e. Germany, France and the United Kingdom).…”

Section: Technical Progress Functionmentioning

confidence: 99%

“…a catch-up term) that can be estimated for economies with less developed technological knowledge (Myro et al, 2008).…”

Section: Technical Progress Functionmentioning

confidence: 99%

“…Furthermore, Myro et al (2008) define lA LA / L as the part of the labour force that produces ideas ('research intensity ratio'), and lY  LY / L.…”

Section: The Growth Model and Entrepreneurshipmentioning

confidence: 99%

“…As Myro et al (2008) Time invested by each individual can be divided between the production of goods, ideas and human capital. Therefore, the resource constraint can be written…”

Section: The Growth Model and Entrepreneurshipmentioning

confidence: 99%

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Entrepreneurship culture, total factor productivity growth and technical progress: Patterns of convergence towards the technological frontier

Colino

Benito‐Osorio

Rueda‐Armengot

2014

Technological Forecasting and Social Change

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A firm's set of knowledge processes may be affected by the entrepreneurial culture of the country in which it is located. Total factor productivity, mainly associated with technical progress, accounts for most differences over time and across countries. In the present work we examine the determinants of total factor productivity growth in 26 OECD countries between 1965 and 2010, breaking them down into changes in technical efficiency and shifts in technology over time. Using the U.S. as the technology frontier, different patterns of productivity growth emerge between world technology leaders and countries with low initial levels of productivity. Whereas changes in efficiency seem to be the main result of the evolution in the stock of knowledge in technologically dependent economies, suggesting that less advanced economies can benefit from their relative backwardness, domestic research effort appears to be a relevant factor for technology leaders.

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Section: The Growth Model and Entrepreneurshipmentioning

confidence: 99%

Section: Technical Progress Functionmentioning

confidence: 99%

“…a catch-up term) that can be estimated for economies with less developed technological knowledge (Myro et al, 2008).…”

Section: Technical Progress Functionmentioning

confidence: 99%

“…Furthermore, Myro et al (2008) define lA LA / L as the part of the labour force that produces ideas ('research intensity ratio'), and lY  LY / L.…”

Section: The Growth Model and Entrepreneurshipmentioning

confidence: 99%

“…As Myro et al (2008) Time invested by each individual can be divided between the production of goods, ideas and human capital. Therefore, the resource constraint can be written…”

Section: The Growth Model and Entrepreneurshipmentioning

confidence: 99%

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Entrepreneurship culture, total factor productivity growth and technical progress: Patterns of convergence towards the technological frontier

Colino

Benito‐Osorio

Rueda‐Armengot

2014

Technological Forecasting and Social Change

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Technological Capital and Technical Progress in the G5 Countries

Pérez

Bengoa

Fernández

2011

Journal of Applied Economics

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We conduct an empirical application based on Coe and Helpman's (1995) seminal work, in order to measure the elasticity of technical progress with respect to R&D capital for the G5 countries between 1971 and 2003. For this purpose, a series for technological capital is built for the 1990-2003 period, and linked with Coe and Helpman's series for the 1971-1990 period. The technical progress of leading countries depends critically on the domestic R&D capital stock, in line with Coe and Helpman's (1995) and Coe, Helpman and Hofmaister's (2009) work. Nevertheless, there are some important differences. The estimations for the elasticity values appear to be higher and show larger differences between countries than in previous studies. Furthermore, the results give evidence in favour of Schumpeterian models, as TFP growth is positively related to the distance to the technological frontier represented by the US.

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How much does innovation matter for economic growth?

Colino

Benito‐Osorio

Armengot

2014

Management Decision

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Purpose – The aim of this paper is to gain new insight on the determinants of economic growth. More precisely, it disentangles the contribution of an increase in the stock of ideas that exceeds the rate of growth in the steady state and the growth inherent to the steady state. Design/methodology/approach – Following Romer (1990) and Jones (2000, 2002) this paper uses an aggregate production function. The paper also models the evolution of the stock of ideas following the generalisation of Jones (1995). The analysis decomposes growth utilising the estimated parameters inherent to the ideas function. Findings – This article presents a growth accounting exercise that estimates total factor productivity for three Southern European economies. Systematic comparison of the countries illustrates the importance of innovation for economic growth. This exercise shows the main growth patterns over the last 50 years, and highlights the principal determinants by specifying an ideas function. Originality/value – This study yields recent timeframe for explaining per capita income variations within economies and observed differences across economies.

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Economic growth in a world of ideas: the US and the leading European countries

Cited by 4 publications

References 17 publications

Entrepreneurship culture, total factor productivity growth and technical progress: Patterns of convergence towards the technological frontier

Entrepreneurship culture, total factor productivity growth and technical progress: Patterns of convergence towards the technological frontier

Technological Capital and Technical Progress in the G5 Countries

How much does innovation matter for economic growth?

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