Abstract
Due to the importance of leisure time in general, and longevity in particular, to economic well-being, we propose replacing GDP in the production function by "full income," defined herein. We hypothesize that R&D-generated increases in the stock of knowledge capital may have a positive impact on both components of full income: leisure time (via longetivity) and consumption of goods and services.
Full Citation
.
“Pharmaceutical Knowledge-Capital Accumulation and Longevity.”
In
Measuring Capital in the New Economy
,
edited by ,
Chicago
:
University of Chicago Press
,
2005.