Article(electronic)July 27, 2005
Measuring Knowledge Stocks: A Process of Creative Destruction
In: Kyklos: international review for social sciences, Volume 58, Issue 3, p. 379-393
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Abstract
SummaryThis paper proposes a new method for constructing R&D capital stocks developed to avoid the common assumption of a constant rate of knowledge depreciation, which implies wear and tear of knowledge. The method models the development of R&D capital stocks as a process of creative destruction linking the depreciation of knowledge to the emergence of new knowledge. A first empirical assessment of the new method – measuring the influence of R&D capital stocks on production in the manufacturing sectors of 12 OECD countries – produces plausible and robust results.
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