Measuring and Accounting for Innovation in the Twenty-First Century

Measuring innovation is a complex task that requires new approaches and data sources to capture its effects on economic activity and prices. This volume explores how to measure innovation, track its effects, and understand its impact on production processes, labor markets, and organizational form and operation. It suggests strategies for expanding current measurement frameworks to better capture innovative activity, such as developing more detailed tracking of global value chains and expanding the measurement of innovation's impacts on GDP.

Format: Hardback
Length: 776 pages
Publication date: 12 May 2021
Publisher: The University of Chicago Press

Measuring innovation is a complex and challenging task, both for researchers and national statisticians, and it has become increasingly important in the context of the ongoing digital revolution. National accounts and other economic statistics were developed before the emergence of the digital economy and the growing significance of intangible capital. These statistics do not fully capture the diverse range of innovative activities observed in modern economies.

This volume aims to explore the measurement of innovation, its impact on economic activity, and its transformation of production processes, labor markets, and organizational structures in businesses. The contributors examine innovative approaches to data collection, such as tracking specific innovations rather than firms and using trademarks to monitor innovation. They also consider the relationships between university-based research and business start-ups and the potential implications of innovation on income distribution.

The research findings suggest strategies for enhancing current measurement frameworks to better capture innovative activity. These include developing more detailed tracking of global value chains to identify innovation across time and space and expanding the measurement of the impact of innovations on GDP in areas such as consumer content delivery and cloud computing.

In conclusion, measuring innovation is a critical endeavor that requires a multifaceted approach. By examining new data sources and methodologies, we can gain a deeper understanding of the drivers and consequences of innovation and develop more effective policies to promote its growth and dissemination.

Weight: 992g
Dimension: 161 x 245 x 40 (mm)
ISBN-13: 9780226728179