One of the key mechanisms of firms' strategic renewal is Ramp;D, and a key driver of the intensity of Ramp;D is industry context. A number of theories develop propositions linking industry factors to firm Ramp;D behavior, but these theories lack consensus. To date empirical tests have been...

A recent explanation for declining GDP growth is that R&D has gotten harder. The formal explanation in Jones (1995) is “fishing out”-- idea discovery decreases in the level of knowledge. If valid, long-run growth is exogenous. In follow-on empirical work, Bloom, Jones, Van Reenen and Webb...