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.
Lichtenberg, Frank. "Pharmaceutical Knowledge-Capital Accumulation and Longevity." In Measuring Capital in the New Economy. Ed. Carol Corrado, John Haltiwanger, and Daniel Sichel. Chicago: University of Chicago Press, 2005.
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