Journal
ECONOMICS OF INNOVATION AND NEW TECHNOLOGY
Volume 23, Issue 1, Pages 25-48Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/10438599.2013.805918
Keywords
technical change; total factor productivity growth; technology indicator; technology shifter; OECD countries
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In the neoclassical production theory technical change (TC) is specified as a function of time. However, some exogenous external factors other than time can also affect the rate of TC. In this paper, we model TC via a combination of time trend (purely non-economic) and other observable exogenous factors that shift the technology. The exogenous economic factors are used to define several technology indices. These technology indices are embedded into the production function in a flexible manner. By estimating this generalized production function, we get estimates of rate of TC which is decomposed into a pure time component as well as several components attributed to technology indices. The empirical model uses panel data on OECD, accession and enhanced engagement countries observed during 1980-2006.
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