This paper reviews the empirical literature on rates of return on R&D and interprets the economic significance of these estimates using a semi-endogenous growth model with a calibrated knowledge production sector. We analyse how R&D subsidies, a reduction of entry barriers for start-ups and...

This study describes the state of the art in the measurement of intangible capital and its contribution to economic growth, with a focus on an international comparison of intangible investment intensity and intangible capital deepening among eleven advanced economies. By employing a broad...

The literature on economic growth has identified knowledge expansion as a key propellant. Early research derived this conclusion from the residual that remained after the growth contributions from capital and labour had been accounted for. Later modifications expanded the concept of fixed...

Today there are many questions about the nature and the future of the so-called 'new economy'. The term 'new economy' itself has acquired a variety of quite different connotations. For many commentators, it continues to refer primarily to the altered macroeconomic performance of the US economy...

Unequal spatial distribution of economic activity within countries continues to be important despite the significant progress of the world economy during the second half of this century. Interest in spatial processes and inequalities has recently been revived by the influential work of Barro and...