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Benmelech, Efraim [Author]; Eberly, Janice C. [Author]; Krieger, Joshua L. [Author]; Papanikolaou, Dimitris [Author] ; National Bureau of Economic Research

Private and Social Returns to R&D

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  • Media type: E-Book
  • Title: Private and Social Returns to R&D : Drug Development and Demographics
  • Contributor: Benmelech, Efraim [Author]; Eberly, Janice C. [Author]; Krieger, Joshua L. [Author]; Papanikolaou, Dimitris [Author]
  • Corporation: National Bureau of Economic Research
  • Published: Cambridge, Mass: National Bureau of Economic Research, 2021
  • Published in: NBER working paper series ; no. w28355
  • Extent: 1 Online-Ressource; illustrations (black and white)
  • Language: English
  • DOI: 10.3386/w28355
  • Identifier:
  • Keywords: Arzneimittel ; Ältere Menschen ; Forschung ; Return on Investment ; Pharmaindustrie ; Produktivitätsentwicklung ; USA ; Arbeitspapier ; Graue Literatur
  • Reproduction note: Hardcopy version available to institutional subscribers
  • Origination:
  • Footnote: System requirements: Adobe [Acrobat] Reader required for PDF files
    Mode of access: World Wide Web
  • Description: Investment in intangible capital--in particular, research and development--increased dramatically since the 1990s. However, productivity growth remains sluggish in recent years. One potential reason is that a significant share of the increase in intangible investment is geared toward consumer products such as pharmaceutical drugs with limited spillovers to productivity. We document that a significant share of R&D spending in the U.S. is done by pharmaceutical firms and is geared to developing drugs for the older patients. Increased life expectancy and quality of life among the elderly increases welfare but may not be reflected in estimates of total factor productivity
  • Access State: Open Access