- Additional Authors
- Westmore, Ben.
- Description
- 31 p.; 21 x 29.7cm.
- Summary
- This paper explores the role of managerial capital and business research and development (R&D) in fostering multifactor productivity (MFP) convergence in a panel of 42 countries. The OECD long-term growth model is augmented to show that, in addition to trade openness, an economy's speed of convergence to its long-run steady state level of MFP is an increasing function of the quality of its managerial capital and the size of its domestic R&D sector. The economic importance of these two enabling factors are examined in the context of a scenario, whereby MFP growth at the technological frontier is ½ percentage point higher (than in the baseline projection) per annum until 2060. This exercise shows that some countries benefit significantly more from higher frontier growth than could be expected based on their trade openness alone. In turn, evidence on the policy determinants of managerial capital and business R&D is reviewed, which highlights the importance of structural reforms and carefully-designed innovation policies.
- Series Statement
- OECD Economics Department Working Papers, 1815-1973 ; no.1137
- Uniform Title
- OECD Economics Department Working Papers, no.1137.
- Subject
- LCCN
- 10.1787/5jxx3d441knr-en
- OCLC
- oecd-lib
- Author
Andrews, Dan.
- Title
Managerial Capital and Business R&D as Enablers of Productivity Convergence [electronic resource] / Dan Andrews and Ben Westmore
- Imprint
Paris : OECD Publishing, 2014.
- Series
OECD Economics Department Working Papers, 1815-1973 ; no.1137
OECD Economics Department Working Papers, 1815-1973 ; no.1137.
- Connect to:
- Indexed Term
Industry and Services
Economics
- Added Author
Westmore, Ben.
- Other Standard Identifier
10.1787/5jxx3d441knr-en doi