摘要：This paper reviews the empirical literature on rates of
return on R&D and interprets the economic significance
of these estimates using a semi-endogenous growth
model with a calibrated knowledge production sector.
We analyse how R&D subsidies, a reduction of
entry barriers for start-ups and increasing high-skilled
labour would contribute towards raising productivity
and knowledge investment in the EU. The simulation
results show that substantial efforts will have to be
made if Europe wants to come close to achieving
the Lisbon productivity and knowledge-investment
targets. Achieving US standards in all three areas
would reduce the productivity gap by about 50 percent.
Improving the quality of tertiary education and
increasing competition in non-manufacturing sectors
would also help the EU to get to the productivity
frontier.
