Have R&D spillovers changed?

Bloom, Nick, Lucking, Brian and Van Reenen, John ORCID: 0000-0001-9153-2907 (2018) Have R&D spillovers changed? CEP Discussion Papers (CEPDP1548). London School of Economics and Political Science. Centre for Economic Performance, London, UK.

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Abstract

This paper revisits the results of Bloom, Schankerman, and Van Reenen (2013) examining the impact of R&D on the performance of US firms, especially through spillovers. We extend their analysis to include an additional 15 years of data through 2015, and update the measures of firms' interactions in technology space and product market space. We show that the magnitude of R&D spillovers appears to have been broadly similar in the second decade of the 21st Century as it was in the mid-1980s. However, there does seem to have been some increase in the wedge between marginal social returns to R&D and marginal private returns with the ratio of marginal social to private returns increasing to a factor of 4 from 3. There is certainly no evidence that the need to subsidize R&D has diminished. Positive spillovers appeared to increase in the 1995-2004 boom.

Item Type:	Monograph (Discussion Paper)
Official URL:	http://cep.lse.ac.uk/
Additional Information:	© 2018 The Authors
Divisions:	Centre for Economic Performance
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
JEL classification:	F - International Economics > F2 - International Factor Movements and International Business > F23 - Multinational Firms; International Business O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O31 - Innovation and Invention: Processes and Incentives O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O32 - Management of Technological Innovation and R&D O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O33 - Technological Change: Choices and Consequences; Diffusion Processes
Date Deposited:	27 Jun 2018 08:59
Last Modified:	01 Nov 2024 04:57
Funders:	Economic and Social Research Council
URI:	http://eprints.lse.ac.uk/id/eprint/88699

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