Book DescriptionDescription Innovation is universally recognized as an important source of economic growth. Patents may be considered as a potential measure of innovation. As such, patents may alter isoquant maps, and measuring their elasticities is both intuitively and empirically appealing. This book investigates the impact of U.S.A. patent activity on technical change in 35 industries given in the KLEM (Jorgenson, 1996) data set for the period 1958-1996. Four patent variables, namely total patent applications, total patents granted, unsuccessful patent applications and foreign patents granted , are introduced as technology-changing parameters into the generalized Fechner-Thurstone (GFT) production function to determine the effect on the elasticityof the marginal rate of technical substitution (MRTS) between inputs of the GFT production function over time. It is found that all four patent variables have significant impacts on the marginal rates of technical substitution between...

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