In this paper, we argue that the ability of a firm to recognize the value of new, external information, assimilate it, and apply it to commercial ends is critical to its innovative capabilities. We label this capability a firm's absorptive capacity…
Economic Development, Technological Change and Growth
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This graduate text provides an intuitive but rigorous treatment of contemporary methods used in microeconometric research. The book makes clear that applied microeconometrics is about the estimation of marginal and treatment effects, and that…
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We exploit differences in European mortality rates to estimate the effect of institutions on economic performance. Europeans adopted very different colonization policies in different colonies, with different associated institutions. In places where…
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This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent…
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Growth in this model is driven by technological change that arises from intentional investment decisions made by profit-maximizing agents. The distinguishing feature of the technology as an input is that it is neither a conventional good nor a…
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We compare the geographic location of patent citations with that of the cited patents, as evidence of the extent to which knowledge spillovers are geographically localized. We find that citations to domestic patents are more likely to be domestic,…
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INVENTION is here interpreted broadly as the production of know- ledge. From the viewpoint of welfare economics, the determination of optimal resource allocation for invention will depend on the tech- nological characteristics of the invention…
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The basic argument is that a firm with a narrow technological base is likely to find research profitable only at the applied end of the spectrum, where research can be directed toward solution of problems facing the firm, and where the research…
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R&D spillovers are, potentially, a major source of endogenous growth in various recent "New Growth Theory" models. This paper reviews the basic model of R&D spillovers and then focuses on the empirical evidence for their existence and magnitude. It…
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We review the econometric literature on measuring the returns to R&D. The theoretical frameworks that have been used are outlined, followed by an extensive discussion of measurement and econometric issues that arise when estimating the models. We…
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A complete and up-to-date survey of microeconometric methods available in Stata, Microeconometrics Using Stata, Revised Editionis an outstanding introduction to microeconometrics and how to execute microeconometric research using Stata. It covers…
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This paper considers the prospects for constructing a neoclassical theory of growth and international trade that is consistent with some of the main features of economic development. Three models are considered and compared to evidence: a model…
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This paper presents a critique of expected utility theory as a descriptive model of decision making under risk, and develops an alternative model, called prospect theory. Choices among risky prospects exhibit several pervasive effects that are…
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This article examines the spatial distribution of innovative activity as well as the geographic concentration of production. Jaffe et al. (1993) point out, one obvious explanation why innovative activity in some industries tends to cluster…
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Expanding access to commercial credit is a key ingredient of financial development strategies. There is less consensus on whether expanding access to consumer credit helps borrowers, particularly when loans are extended at high interest rates.…
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Many empirical questions in economics and other social sciences depend on causal effects of programs or policies. In the last two decades, much research has been done on the econometric and statistical analysis of such causal effects. This recent…
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The concept sectoral system of innovation and production provides a multidimensional, integrated and dynamic view of sectors. It is proposed that a sectoral system is a set of products and the set of agents carrying out market and non-market…
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We exploit administrative data combining workers' earnings histories with information about their firms to estimate the magnitude and temporal pattern of displaced workers' earnings losses. We find that high-tenure workers separating from distressed…
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For 98 countries in the period 1960-1985, the growth rate of real per capita GDP is positively related to initial human capital (proxied by 1960 school-enrollment rates) and negatively related to the initial (1960) level of real per capita GDP.…
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This paper considers the prospects for constructing a neoclassical theory of gcowth and infema- ~ional trade that is consistent with some of the main features of economic development. Three models are considered and compared to evidence: ~ model…
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