A Year Older, A Year Wiser (and Farther from Frontier): Invention Rents and Human Capital Depreciation

• 成果类型: Article
• 署名作者: Aghion, Philippe; Akcigit, Ufuk; Hyytinen, Ari; Toivanen, Otto
• 署名单位: University of London; London School Economics & Political Science; INSEAD Business School; University of Chicago; Hanken School of Economics; Aalto University; KU Leuven
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01262
• 发表日期: 2024-07
• 页码: 974-982
• 关键词: knowledge spillovers; INNOVATION; returns

摘要

We look at how the arrival of an invention affects wage returns and the probability of moving out of employment for white- and blue-collar co-workers of the inventor. First results suggest that older workers are hurt by the arrival of an invention. This negative effect disappears when we control for education and, in particular, for the time since obtaining the last formal degree, that is, distance to human capital frontier. If anything, this effect is slightly higher for non-STEM than STEM-educated co-workers. This result suggests that retraining programs could be helpful in making the process of creative destruction and economic growth more inclusive.