The Impacts of Research and Development Expenditures [electronic resource] : The Relationship Between Total Factor Productivity and U.S. Gross Domestic Product Performance /
Wetter, John J.author.
The research underlying this volume was designed to test the theory of Total Factor Productivity (TFP) in contemporary context. Developed by Nobel Prize-winning economist, Robert Solow, in the 1950s, TFP has been applied by many economists to investigate the relationships among capital, labor, and economic performance. In this analysis, John Wetter presents the hypothesis that technological investment drives growth and performance of the U.S. economy. The study addresses four key questions: 1.Is there a relationship between Total Factor Productivity and Gross National Product? 2.Is there a relationship between Total Factor Productivity and Research & Development expenditures? 3.Is there a relationship between Research & Development expenditures and Gross Domestic Product? 4.Can the relationship in research question #1 be explained by other factors? Is there any potential non-spuriousness (mediation) implication to the relationship? Synthesizing the literature from related fields, including macroeconomics, technology transfer, and innovation, and applying rigorous methodology, Wetter demonstrates that Total Factor Productivity is positively related to Gross Domestic Product and is mediated by Research & Development. In addition, he reveals that the lag time between R&D spending and GDP growth averages eleven years, which suggests that long-term planning is essential to maximizing the benefits of R&D. Wetter considers the implications for policymaking and industry leadership, including such timely issues as the effects of the 2009 U.S. stimulus program.
Description based upon print version of record.
""Chapter 1: Introduction""; ""Purpose of the Study""; ""Concept Questions""; ""Research Questions""; ""Research Hypotheses""; ""Hypothesis 1""; ""Research Question 1""; ""Hypothesis 2""; ""Research Question 2""; ""Hypothesis 3""; ""Research Question 3""; ""Hypothesis 3a""; ""Research Question 3a""; ""Hypothesis 4""; ""Research Question 4""; ""Mediation Test""; ""Research Question 4""; ""Overview of Chaps. 2â€?5""; ""Chapter 2: Literature Review""; ""Introduction""; ""Historical Perspective""; ""Science and Technology""; ""Life Cycles of Technology""; ""Invention and Innovation""
""Principles of Innovation""""Innovation Sources""; ""Types of Innovation""; ""Framework for Understanding Innovation""; ""Measuring Innovation""; ""Impacts of Innovation""; ""Models of Innovation""; ""The â€œSâ€? Curve""; ""Dynamic Models""; ""The Innovation Process""; ""Productâ€?Process Boundary""; ""Innovation and Economic Policy""; ""Economic Models""; ""Business Perspective of Innovation""; ""Firm Perspective""; ""Managing Innovation""; ""Organizational Influences""; ""Knowledge Management""; ""Technology""; ""Technology Road Map""; ""Technology Forecasting""; ""Competitiveness""
""Competitive Issues""""Paradigms of Competitiveness""; ""Competitive Strategy""; ""Competitiveness Policy""; ""Total Factor Productivity""; ""History""; ""Definition of Total Factor Productivity""; ""Alternatives to TFP""; ""Gross Domestic Product""; ""Definition""; ""Components""; ""Measures""; ""Data Sources""; ""Methods""; ""Research and Development""; ""Definition""; ""Components of R&D""; ""R&D and Productivity""; ""Knowledge Transfer""; ""Spillovers""; ""Alliances""; ""Measures of R&D""; ""Current Dollar Valuation""; ""Real Estimates""; ""Current State Overview""
""Science and Technology Indicators""""How the Literature Informs and Directs This Research""; ""Chapter 3: Research Theory and Methodology""; ""Theoretical Approach""; ""Growth Accounting Methods""; ""Multifactor Productivity Growth""; ""Methodology""; ""Methodological Design""; ""Limitations of the Methodology""; ""Validity""; ""Historical""; ""Maturation""; ""Testing""; ""Instrumentation""; ""Statistical Regression""; ""Mortality""; ""Selection""; ""Intragroup""; ""Generalization""; ""Constructs (Operational Elements)""; ""Statistical Conclusion""; ""Data Set""; ""Confounding Variables""
""Significance""""Chapter 4: Results""; ""Organization""; ""Data and Analysis""; ""Research Question 1""; ""Hypothesis 1""; ""Procedure 1""; ""Assumptions 1""; ""Assumption Tenability 1""; ""Results 1""; ""Implications/Conclusion 1""; ""Research Question 2""; ""Hypothesis 2""; ""Procedure 2""; ""Assumptions 2""; ""Assumption Tenability 2""; ""Results 2""; ""Implications/Conclusion 2""; ""Research Question 3""; ""Hypothesis 3""; ""Procedure 3""; ""Assumptions 3""; ""Assumption Tenability 3""; ""Results 3""; ""Implications/Conclusion 3""; ""Research Question 3a""; ""Hypothesis 3a""
""Procedure 3a""
Includes bibliographical references and index.
The research underlying this volume was designed to test the theory of Total Factor Productivity (TFP) in contemporary context. Developed by Nobel Prize-winning economist, Robert Solow, in the 1950s, TFP has been applied by many economists to investigate the relationships among capital, labor, and economic performance. In this analysis, John Wetter presents the hypothesis that technological investment drives growth and performance of the U.S. economy. The study addresses four key questions: 1.Is there a relationship between Total Factor Productivity and Gross National Product? 2.Is there a relationship between Total Factor Productivity and Research & Development expenditures? 3.Is there a relationship between Research & Development expenditures and Gross Domestic Product? 4.Can the relationship in research question #1 be explained by other factors? Is there any potential non-spuriousness (mediation) implication to the relationship? Synthesizing the literature from related fields, including macroeconomics, technology transfer, and innovation, and applying rigorous methodology, Wetter demonstrates that Total Factor Productivity is positively related to Gross Domestic Product and is mediated by Research & Development. In addition, he reveals that the lag time between R&D spending and GDP growth averages eleven years, which suggests that long-term planning is essential to maximizing the benefits of R&D. Wetter considers the implications for policymaking and industry leadership, including such timely issues as the effects of the 2009 U.S. stimulus program.
Economic policy.
Economic growth.
R & D/Technology Policy.
Economic Policy.
Economic Growth.