"Pharmaceutical Knowledge-Capital Accumulation and Longevity"
Measuring Capital in the New Economy
Editor(s): Carol Corrado, John Haltiwanger, and Daniel Sichel
© University of Chicago Press, 2005
Publication type: Chapter
Research Archive Topic: Business Economics and Public Policy
Due to the importance of leisure time in general, and longevity in particular, to economic well-being, we propose replacing GDP in the production function by "full income," defined herein. We hypothesize that R&D-generated increases in the stock of knowledge capital may have a positive impact on both components of full income: leisure time (via longetivity) and consumption of goods and services.
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