Knowledge-Based Capital, Innovation and Resource Allocation: A Going for Growth Report
Investment in knowledge-based capital (KBC) - assets that have no physical embodiment, such as computerised information, innovative property and economic competencies - has been rising significantly. This has implications for innovation and productivity growth and requires new thinking on policy. Th...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2013
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| Schriftenreihe: | OECD Economic Policy Papers
no.4 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Investment in knowledge-based capital (KBC) - assets that have no physical embodiment, such as computerised information, innovative property and economic competencies - has been rising significantly. This has implications for innovation and productivity growth and requires new thinking on policy. The returns to investing in KBC differ significantly across countries and are partly shaped by structural policies, which influence the ability of national economies to reallocate scarce resources to firms that invest in KBC. In this regard, well-functioning product, labour and venture capital markets and bankruptcy laws that do not overly penalise failure can raise the expected returns to investing in KBC by improving the efficiency of resource allocation. While structural reforms offer the most cost-effective approach to raising investment in KBC, there is a role for innovation policies to raise private investment in KBC towards socially optimal levels. Indeed, R&D tax incentives and, as a finding that contrasts with previous research, direct support measures can be effective, but design features are crucial in order to minimise the fiscal cost and unintended consequences of such policies. Well-defined intellectual property rights (IPR) are also important to provide firms with the incentive to innovate and to promote knowledge diffusion via the public disclosure of ideas. However, such IPR regimes need to be coupled with pro-competition policies to ensure maximum effect while the rising costs of the patent system in emerging KBC sectors may have altered the trade-off inherent to IPR between the incentives to innovate and the broad diffusion of knowledge. |
| Beschreibung: | 1 Online-Ressource (55 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5k46bh92lr35-en |
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| spelling | Andrews, Dan VerfasserIn aut Knowledge-Based Capital, Innovation and Resource Allocation A Going for Growth Report Dan, Andrews and Chiara, Criscuolo = Actifs intellectuels, innovation et mobilité des ressources / Dan, Andrews et Chiara, Criscuolo Actifs intellectuels, innovation et mobilité des ressources Paris OECD Publishing 2013 1 Online-Ressource (55 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economic Policy Papers no.4 Investment in knowledge-based capital (KBC) - assets that have no physical embodiment, such as computerised information, innovative property and economic competencies - has been rising significantly. This has implications for innovation and productivity growth and requires new thinking on policy. The returns to investing in KBC differ significantly across countries and are partly shaped by structural policies, which influence the ability of national economies to reallocate scarce resources to firms that invest in KBC. In this regard, well-functioning product, labour and venture capital markets and bankruptcy laws that do not overly penalise failure can raise the expected returns to investing in KBC by improving the efficiency of resource allocation. While structural reforms offer the most cost-effective approach to raising investment in KBC, there is a role for innovation policies to raise private investment in KBC towards socially optimal levels. Indeed, R&D tax incentives and, as a finding that contrasts with previous research, direct support measures can be effective, but design features are crucial in order to minimise the fiscal cost and unintended consequences of such policies. Well-defined intellectual property rights (IPR) are also important to provide firms with the incentive to innovate and to promote knowledge diffusion via the public disclosure of ideas. However, such IPR regimes need to be coupled with pro-competition policies to ensure maximum effect while the rising costs of the patent system in emerging KBC sectors may have altered the trade-off inherent to IPR between the incentives to innovate and the broad diffusion of knowledge. Science and Technology Economics Criscuolo, Chiara MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5k46bh92lr35-en Volltext |
| spellingShingle | Andrews, Dan Knowledge-Based Capital, Innovation and Resource Allocation A Going for Growth Report Science and Technology Economics |
| title | Knowledge-Based Capital, Innovation and Resource Allocation A Going for Growth Report |
| title_alt | Actifs intellectuels, innovation et mobilité des ressources |
| title_auth | Knowledge-Based Capital, Innovation and Resource Allocation A Going for Growth Report |
| title_exact_search | Knowledge-Based Capital, Innovation and Resource Allocation A Going for Growth Report |
| title_full | Knowledge-Based Capital, Innovation and Resource Allocation A Going for Growth Report Dan, Andrews and Chiara, Criscuolo = Actifs intellectuels, innovation et mobilité des ressources / Dan, Andrews et Chiara, Criscuolo |
| title_fullStr | Knowledge-Based Capital, Innovation and Resource Allocation A Going for Growth Report Dan, Andrews and Chiara, Criscuolo = Actifs intellectuels, innovation et mobilité des ressources / Dan, Andrews et Chiara, Criscuolo |
| title_full_unstemmed | Knowledge-Based Capital, Innovation and Resource Allocation A Going for Growth Report Dan, Andrews and Chiara, Criscuolo = Actifs intellectuels, innovation et mobilité des ressources / Dan, Andrews et Chiara, Criscuolo |
| title_short | Knowledge-Based Capital, Innovation and Resource Allocation |
| title_sort | knowledge based capital innovation and resource allocation a going for growth report |
| title_sub | A Going for Growth Report |
| topic | Science and Technology Economics |
| topic_facet | Science and Technology Economics |
| url | https://doi.org/10.1787/5k46bh92lr35-en |
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