Econometrics

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By Carol Corrado, John Haltiwanger, Daniel Sichel

Because the speeded up technological advances of the prior 20 years proceed to reshape the USA' economic system, intangible resources and high-technology investments are taking greater roles. those advancements have raised a few issues, akin to: how can we degree intangible resources? Are we effectively appraising more recent, high-technology capital? The solutions to those questions have vast implications for the overview of the economy's development over the long run, for the velocity of technological development within the financial system, and for estimates of the nation's wealth.In Measuring Capital within the New economic climate, Carol Corrado, John Haltiwanger, Daniel Sichel, and a bunch of exotic collaborators supply new ways for measuring capital in an economic climate that's more and more ruled through high-technology capital and intangible resources. because the individuals express, high-tech capital and intangible resources have an effect on the economic system in ways in which are notoriously tough to appraise. during this specific and thorough research of the matter and its strategies, the members examine the character of those relationships and supply advice as to what elements may be incorporated in calculations of alternative forms of capital for economists, policymakers, and the monetary and accounting groups alike.

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Extra resources for Measuring Capital in the New Economy (National Bureau of Economic Research Studies in Income and Wealth)

Example text

Development costs in the radio and television, sound recording, and book publishing industries are crudely estimated to be double the new product development costs for motion pictures. ) Mainly R&D in finance and other services industries. No broad statistical information, proxied by: a. e b. New architectural and engineering designs, estimated as half of industry purchased services (revenues of the industry as reported in SAS). c. R&D in social sciences and humanities, estimated as twice industry purchased services (revenues as reported in SAS).

9 Thus, the symmetry principle is not just about uncounted output, but also about uncounted income accruing to capital. 9. Moulton, Parker, and Seskin (1999) describe this accounting for the recognition of software in the NIPAs. See also Fraumeni and Okubo (chap. 8 in this volume) and B. Hall (chap. 8 comment in this volume). 22 Carol Corrado, Charles Hulten, and Daniel Sichel The expanded framework for growth accounting presents a somewhat different view of the economy than the approach that ignores intangibles.

Information-sector industries—book publishers, motion picture producers, sound recording producers, and broadcasters—as well as financial and other services industries routinely research, develop, and introduce new products. However, we have no broad survey data on the resources they devote to these activities. 3, lines 5 and 6), noting that new product investment by information-sector industries usually leads to an identifiable asset, such as a copyright or license, whereas the fruits of nonscientific R&D spending elsewhere usually do not.

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