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The Setting of the Problem
Crosssection regressions value added in year t and capital goods patents
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American Annual appear Appendix application average building capital goods invention cars century changes chapter chemical coefficient Column combined compared considered consumer continued corporate correlation cost counted course cycles decline demand determined deviations distribution earlier economic effect electrical engineering England equipment estimated evidence existing expected explain fact field Figure firms given granted growth hypothesis important inventions improvements included increase independent indicated individual industry inventive activity inventors issued Journal knowledge later lead less locomotive machine major means moving average output patents peak percent percentage period Petroleum petroleum refining possible potential present probably problems production technology progress question railroad reason reflect relation relative research and development scientific discovery seems share significant similar Source statistics suggests Table technical tend tion trend turn United University usually variable vary