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

这个项目提出了知识投资（即研发支出）和物质资本投资（即机器和设备）之间的因果关系。基本思想是研发项目的成功完成，即创新，需要体现新思想的实物投资。只有这样，创新者才能从新想法中获得源源不断的利润。这将嵌入到一个产业均衡框架中，表明产业的演变（在价格、数量、进入和退出、研发支出等方面）可以通过研发创新实施的机制来解释。特别是，人们可以解释为什么研发支出会导致（在统计意义上）实物投资，以及为什么它们的波动性较小。

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.