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The Pharmaceutical Industry

dc.contributor.author Grabowski, HG
dc.contributor.author Vernon, John
dc.date.accessioned 2010-06-28T18:49:56Z
dc.date.available 2010-06-28T18:49:56Z
dc.date.issued 1982
dc.identifier.uri https://hdl.handle.net/10161/2548
dc.description.abstract FISHER and TEMIN (1973) have argued recently that many empirical studies1 relating to the Schumpeterian hypothesis are inappropriate for testing that hypothesis. They observe that Schumpeter can be interpreted as hypothesizing that the elasticity of the value of research and development (R and D) output with respect to firm size is greater than unity. On the other hand, the empirical studies have been concerned with investigating the elasticity of R and D inputs with respect to firm size. Fisher and Temin demonstrate that a finding that the R and D input elasticity exceeds unity does not imply that the R and D output elasticity exceeds unity also. Given that public policy formulation should be based on tests of the Schumpeter hypothesis rather than on tests of the R and D input elasticity, their point is well taken. Of course, in defense of the empirical studies, it can be argued that data limitations have restricted testing to the R and D input elasticity, and that most of the researchers have been aware that they were not testing the Schumpeter hypothesis.............
dc.format.extent 369615 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.publisher Pergamon
dc.subject technical change
dc.title The Pharmaceutical Industry
dc.type Journal article
duke.contributor.id Grabowski, HG|0099498


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