Autori: Antonelli, Cristiano , Orsatti, Gianluca , Pialli, Guido
Titolo: The Paradox of the Productivity Slowdown in the Knowledge Economy.
Periodico: Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper series
Anno: 2023 - Volume: 9 - Fascicolo: 24 - Pagina iniziale: 1 - Pagina finale: 24

Paul David’s intellectual legacy offers a compelling framework to address the new productivity paradox: the knowledge age is visible everywhere but in the productivity statistics. The apparent and hopefully transient decline in productivity growth rates is due to the diffusion of new knowledge-intensive technologies and the increase in the size of production inputs triggered by the new accounting procedures which capitalize intangible assets. The capitalization of intangible assets has caused a shift effect and an increase in the size of capital inputs which will continue to increase as long as firms continue to introduce and adopt knowledge intensive technologies. Once their diffusion is complete, this shift effect and the apparent productivity decline will cease. We provide empirical evidence at the European sectoral level of the diffusion of intangible assets and its strong and positive effect on total factor productivity when these intangible assets are not capitalized, and its negative effects on total factor productivity when they are capitalized and are included in production function estimates as inputs.


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Testo completo: https://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2023dip/wp_24_2023.pdf

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