Endogenous productivity of demand‐induced R&D: evidence from pharmaceuticals.

We examine trends in the productivity of the pharmaceutical sector over the past three decades. Motivated by Ricardo's insight that productivity and rents are endogenous to demand when inputs are scarce, we examine the industry's aggregate Research and Development (R&D) production function. Using ex...

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Bibliographic Details

Published in:	RAND Journal of Economics (Wiley-Blackwell) Vol. 50; no. 3; pp. 591 - 615
Main Authors:	Myers, Kyle, Pauly, Mark
Format:	Article
Published:	Wiley-Blackwell Fall2019
Subjects:	Industrial productivity Returns to scale Matching theory Aggregate industry Research & development
Online Access:	View this record in EBSCOhost