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Economic Growth, TFP Convergence and the World Export of Ideas: A Century of Evidence
Author(s) -
Madsen Jakob B.
Publication year - 2008
Publication title -
scandinavian journal of economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.725
H-Index - 64
eISSN - 1467-9442
pISSN - 0347-0520
DOI - 10.1111/j.1467-9442.2008.00530.x
Subject(s) - economics , total factor productivity , convergence (economics) , stock (firearms) , productivity , international trade , international economics , monetary economics , macroeconomics , mechanical engineering , engineering
This paper examines the effect of international patent stock on total factor productivity for 16 OECD countries over the past 120 years. The results show that the international patent stock is highly influential for economic growth and, together with knowledge spillovers through the channel of imports, has contributed significantly to TFP growth and σ‐convergence among the OECD countries over the past 120 years.