Abstract
Using data on the US and EU top R&D spenders from 2004 until 2012, this paper investigates the sources of the US/EU productivity gap. We find robust evidence that US firms have a higher capacity to translate R&D into productivity gains (especially in the high-tech macro sector), and this contributes to explaining the higher productivity of US firms. Conversely, EU firms are more likely to achieve productivity gains through capital-embodied technological change, at least in the medium- and low-tech macro sectors. Our results also show that the US/EU productivity gap has worsened during the crisis period, as the EU companies have been more affected by the economic crisis in their capacity to translate R&D investments into productivity. Based on these findings, we make a case for a learning-based and selective R&D funding, which, instead of purely aiming at stimulating higher R&D expenditures, works on improving the firms’ capabilities to transform R&D into productivity gains.
Lingua originale | English |
---|---|
pagine (da-a) | 279-291 |
Numero di pagine | 13 |
Rivista | Technological Forecasting and Social Change |
Volume | 138 |
Numero di pubblicazione | 138 |
DOI | |
Stato di pubblicazione | Pubblicato - 2019 |
All Science Journal Classification (ASJC) codes
- ???subjectarea.asjc.1400.1403???
- ???subjectarea.asjc.3200.3202???
- ???subjectarea.asjc.1400.1405???
Keywords
- EU
- Economic crisis
- Productivity
- R&D
- US