Working Paper: CEPR ID: DP10057
Authors: Carol Corrado; Jonathan Haskel; Cecilia JonaLasinio
Abstract: This paper looks at the channels through which intangible assets affect productivity. The econometric analysis exploits a new dataset on intangible investment (INTAN-Invest) in conjunction with EUKLEMS productivity estimates for 10 EU member states from 1998 to 2007. We find that (a) the marginal impact of ICT capital is higher when it is complemented with intangible capital, and (b) non-R&D intangible capital has a higher estimated output elasticity than its conventionally-calculated factor share. These findings suggest investments in knowledge-based capital, i.e., intangible capital, produce productivity growth spillovers via mechanisms beyond those previously established for R&D.
Keywords: economic growth; ICT; intangible assets; intangible capital; productivity growth; spillovers
JEL Codes: E01; E22; O47
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| intangible capital (E22) | productivity growth (O49) |
| ICT capital + intangible capital (E22) | productivity growth (O49) |
| non-R&D intangible capital (E22) | productivity growth (O49) |
| intangible capital (E22) | productivity spillovers (O49) |
| intangible capital (E22) | labor quality (J24) |
| labor quality (J24) | productivity growth (O49) |
| intangible capital (E22) | productivity growth (in ICT-intensive industries) (O49) |