Morrison, Catherine J. - In: The Review of Economics and Statistics 79 (2000) 3, pp. 471-481
We assess the cost-reducing impacts of increasing stocks of "high-tech" equipment (O capital). Our empirical analysis is based on a dynamic production theory model and annual data for two-digit U.S. manufacturing industries (1952-1991). We find evidence of overinvestment in O capital in the mid...