What is it about?
It summarizes quantitively the estimation of the spillover or the standing on the shoulders of the giants effect that has been presented in the literature.
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Why is it important?
It is important because it indicates that on average the effect that the current technological knowledge on the advance of knowledge is a high effect but less than one. The fact that it is less than one tends to support the semi endogenous approach of endogenous growth meaning among other things that policies does not have an effect in the long run economic growth rates.
Perspectives
Writing this article was great as it allowed to summarize the (on our view) important literature to which I have been contributed for through a decade. It put in perspective all the empirical results on the standing-on-shoulders effect which allowed researchers to build on others' efforts since the invention process has became part of the modern society (e.g. since the so-called industrial revolution). It is great that it can be used by other economic growth theorists and possibly influence economic policy regarding the R&D subsidization.
Tiago N Sequeira
Universidade da Beira Interior
Read the Original
This page is a summary of: Spillovers in the production of knowledge: A meta-regression analysis, Research Policy, May 2018, Elsevier,
DOI: 10.1016/j.respol.2018.02.004.
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