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Jesus Felipe and John S.L. McCombie

into another’ (p. 196). 4 To these results, Cohen and Harcourt (2005, p. xxxi) add that the approach grounds the ‘return on capital (rate of interest) in the natural or technical properties diminishing marginal productivity of capital or roundabout production’ and it explains ‘the distribution of income between capitalists and labourers from a knowledge of relative factor scarcities/supplies and marginal products’. M3201 - FELIPE 9781840642551 PRINT.indd 37 12/09/2013 07:56 38 The aggregate production function It is assumed that there is perfect competition

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Jesus Felipe and John S.L. McCombie

neoclassical analysis rc is sometimes interpreted as the competitive rental price of capital, but is actually a pure number, the rate of return and rnc is the corresponding non-competitive rate of return and Wr 5 rncJ. While equation (2.18) is correct from a definitional point of view, the assumption made is that it is the natural extension of the microeconomic identity to the aggregate level. It can be seen that it implicitly sums the terms rcJ and Wr to give rJ, that is, total profits. The accounting identity must hold always by definition, as value added measured in the

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Jesus Felipe and John S.L. McCombie

This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics.
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Jesus Felipe and John S.L. McCombie

published the following year in the American Economic Review. The importance of some seminal works is immediately apparent on (or even prior to) their publication. The General Theory and the discussions of the Cambridge Circus come readily to mind. Some have never really lived up to their initial promise (for example, Joan Robinson’s (1933) Economics of Imperfect Competition – as conceded by Robinson, herself. Her colleague, Dobb (1973, p. 212) considered that ‘it affected very little of the general corpus of economic theory’, although there was a revival of interest in

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Sébastien Casault, Aard J. Groen and Jonathan D. Linton

product (Schilling, 2002). Some projects may be important in solving existing or future problems and have returns that may not directly be monetized. In the case of a firm, this could involve problems created relating to public relations, regulations, environmental impacts, or firm reputation. In the case of a country or region, these problems could relate to issues of national interest such as: defence; natural environment; or security of critical resources like food, water, or energy. Another important distinction between R&D and investment portfolios is embedded in

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Edited by Albert N. Link and Nicholas S. Vonortas

As this volume demonstrates, a wide variety of methodologies exist to evaluate particularly the objectives and outcomes of research and development programs. These include surveys, statistical and econometric estimations, patent analyses, bibliometrics, scientometrics, network analyses, case studies, and historical tracings. Contributors divide these and other methods and applications into four categories – economic, non-economic, hybrid and data-driven – in order to discuss the many factors that affect the utility of each technique and how that impacts the technological, economic and societal forecasts of the programs in question.
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Alan C. O’Connor, Michael P. Gallaher, Ross J. Loomis and Sara E. Casey

negative externalities via policy and regulation, promotional campaigns and innovation programs. Such initiatives often create opportunities for the private sector by creating a more favorable risk/reward profile, accelerating new market development and building on emerging consumer preferences. Consequently, the ability to measure and monetize impacts on environmental emissions and related health benefits is of increasing interest to program evaluations. These benefits are conceptually important and in practice not insignificant in monetized value. For example, a 2010

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Francesco Lissoni

removed the jurisdiction over patent validity cases from local courts, Intellectual property and university–industry technology transfer ­169 thus reducing the variability of legal opinions and strengthening the rights of IP holders. Far from being directed only or explicitly at academic inventions, this legislative change accelerated what has become known as the US ‘patent explosion’. As explained by Hall and Ziedonis (2001), much of the latter does not reflect any increase in inventive rates, or a change in research agendas (from basic to applied). Rather, it

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Gisela Di Meglio

tendency and where there is public interest (due to externalities or welfare considerations) that justifies continued public control, for example, public utilities (water distribution, electricity, gas and communications) and services such as waste incineration or bus transportation. These organizational arrangements are a way of managing natural monopolies while avoiding a concentration of power in the public sector. Depending on the degree of participation of the private firm as a producer, we may find different alternatives: ●● ●● ●● ●● Lease. The leaseholder of a

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Diana Hicks and Julia Melkers

geographically. Similar to publication counts, there is typically some interest in the development and growth of citation rates over time. As noted earlier in this chapter, these counts may be most useful and have the greatest face validity when citations are considered to represent “impact”, both as social and cognitive influences on subsequent research (Martin and Irvine, 1983). In research evaluation of programs and centers, the question of “added value” often arises. Is the work of the researchers funded through the specific initiative greater than the sum of its parts? Is