Transcription of Are Ideas Getting Harder to Find? - Stanford University
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Are Ideas Getting Harder to Find? - Stanford University
American Economic Review 2020, 110(4): 1104 1144 Ideas Getting Harder to Find? By Nicholas Bloom, Charles I. Jones, John Van Reenen, and Michael Webb* Long-run growth in many models is the product of two terms: the effective number of researchers and their research productivity. We present evidence from various industries, products, and firms show-ing that research effort is rising substantially while research pro-ductivity is declining sharply. A good example is Moore s Law. The number of researchers required today to achieve the famous dou-bling of computer chip density is more than 18 times larger than the number required in the early 1970s. More generally, everywhere we look we find that Ideas , and the exponential growth they imply, are Getting Harder to find.
which research productivity is constant.2 An important justification for assuming ... contribution of this paper: study the idea production function at the micro level to ... point to a well-known decline in pharmaceutical innovation per dollar of pharma - ceutical research. Absent theory, these seem like natural measures of research pro- ...
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