In 2015, the U.S. National Income Accounts began to count intellectual property products such as R&D, computer
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In 2015, the U.S. National Income Accounts began to “count” intellectual property products— such as R&D, computer software, books, music, and movies—explicitly as investment. More correctly, they had previously assumed these products were an intermediate good that depreciated fully when used to produce some other final good, but now they are included as part of investment and GDP. Examine the data on investment in intellectual property products (IPP). (a) Using the FRED database, download a graph of the series with label “Y001RE1Q156NBEA.” (b) What has happened to the share of GDP devoted to investment in IPP over the last 60 years? What might explain this change? (c) If this were the only change included in a Romer model, what would happen to the growth rate of GDP per person over time? What might explain why this has not happened?
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a b Intellectual Property Products share of GDP has increased on a trend over the last sixty years I...View the full answer
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