The Impacts of Research and Development Expenditures - The Relationship Between Total Factor Productivity and U.S. Gross Domestic Product Performance
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1. Is there a relationship between Total Factor Productivity and Gross National Product?
2. Is there a relationship between Total Factor Productivity and Research & Development expenditures?
3. Is there a relationship between Research & Development expenditures and Gross Domestic Product?
4. Can the relationship in research question #1 be explained by other factors? Is there any potential non-spuriousness (mediation) implication to the relationship?
Synthesizing the literature from related fields, including macroeconomics, technology transfer, and innovation, and applying rigorous methodology, Wetter demonstrates that
Total Factor Productivity is positively related to Gross Domestic Product and is mediated by Research & Development. In addition, he reveals that the lag time between R&D spending and GDP growth averages eleven years, which suggests that long-term planning is essential to maximizing the benefits of R&D. Wetter considers the implications for policymaking and industry leadership, including such timely issues as the effects of the 2009 U.S. stimulus program.
Updates Solows theory of Total Factor Productivity to demonstrate the impact of R&D spending on GDP performance
Fills a gap in the literature on R&D, technology transfer, economic growth, and productivity
Considers such timely issues as the implications of the 2009 US stimulus program
Synthesizing the literature from related fields including macroeconomics, technology transfer, and innovation, the author’s rigorous methodology shows that Total Factor Productivity is positively related to GDP and is mediated by research and development.