R&D, Physical Capital, and the Evolution of Industry

该项目提出了投资之间的因果关系， 知识（即，研发支出）和实物资本（即， 机器和设备）。 其基本思想是， 完成研发项目，即，创新，需要 体现新理念的实物投资。 只有这样， 创新者从新想法中获得源源不断的利润。 这将 嵌入行业均衡框架，这表明， 产业的演变（价格、数量、进入 和退出、研发支出等）可以解释为， 研发创新实施机制。 特别是， 可以解释为什么研发支出导致（在统计意义上） 实物投资，以及它们波动性较小的原因。

This project proposes a causal relationship between investments in knowledge (i.e., R&D expenditures) and in physical capital (i.e., machinery and equipment). The basic idea is that a successful completion of R&D projects, i.e., innovations, necessitates physical investments which embody the new ideas. Only then can the innovator generate a flow of profits from the new idea. This will be embedded in an industry equilibrium framework, suggesting that the evolution of industry (in terms of prices, quantities, entry and exit, R&D expenditures, etc.) can be explained via the mechanics of R&D innovations implementations. In particular, one can explain why R&D expenditures cause (in a statistical sense) physical investments, and why they are less volatile.