Is Manufacturing or Services Most Important for Intangible Investment in Sweden? Harald Edquist Project funded by the European Commission under the Seventh.

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Presentation transcript:

Is Manufacturing or Services Most Important for Intangible Investment in Sweden? Harald Edquist Project funded by the European Commission under the Seventh Framework Programme Grant No

Labor and total factor productivity growth in the business sector in EU-15, Japan and the US 1995–2007 Source: EU KLEMS (2009)

Background Recovery from crisis in the 1990s Market reforms in the 1980s Information and communication technology (ICT) High TFP growth

Corrado, Hulten and Sichel (2006) framework Computerized information (software and computerized databases) Innovative property (R&D, mineral explorations, copyright and license costs, product development in financial industries and design) Economic competencies (brand equity, firm specific human capital and organizational capital)

Sources Intangible assetsSources SoftwareEU KLEMS Research and developmentOECD ANBERD Mineral explorationSGU Copyright and license costStatistics Sweden Product development in financial industries EU KLEMS DesignStatistics Sweden Brand equityIRM, Statistics Sweden Vocational trainingStatistics Sweden Organizational capitalAffärsvärlden, Statistics Sweden

Investment in intangibles in the Swedish business sector in 2006 was 292 bn SEK Source: Edquist (2010)

Growth accounting for the Swedish business sector 1995–2004 Source: Edquist (2009)

Contribution of intangible capital deepening to LP growth 1995–2004 Source: Edquist (2009)

Questions Has investment in intangibles been driven by manufacturing or the service sector? What is the story in other countries?

Industry level method Intangible assetsSources SoftwareSector data available in EU-KLEMS Research and developmentSector data available in ANBERD Mineral explorationOnly investment in mining and quarrying Copyright and license costTurnover of industries producing entertainment, literacy and artistic originals Financial innovationOnly investment in financial industry DesignUse tables for purchased design and wage sums in different sectors for own- account design Brand equityUse tables for advertising and market research Vocational trainingSector data provided by Statistics Sweden Organizational capitalUse tables for purchased OS and wages for managers at the industry level for own-account OS

Investment in intangibles for manufacturing and services in Sweden 2006 (bn SEK) Source: Edquist (2009)

Investment in intangibles for manufacturing and services in Sweden in 2006 (bn SEK) Source: Own calculations

Intangible investment in manufacturing (bn SEK) Source: Own calculations

Investment in intangibles for manufacturing and the service sector in the Swedish business sector (bn SEK) Source: Own calculations

R&D-investment by firms in 2007 (percent) Source: Statistics Sweden

Investment in intangibles in four different countries 2000–2005 (percent of GDP) Source: Clayton et al. (2009); Fukao (2009); van Rooijen-Horsten et al. (2008) and own calculations.

Conclusions (I) Total investment in intangibles was 292 bn SEK or 10 percent of GDP in 2006 Intangibles accounted for 35 percent of the labor productivity growth in the Swedish business sector in 1995–2004 Sweden was very intensive on R&D investment

Conclusions (II) Manufacturing – 44 percent of intangibles Services – 51 percent of intangibles Manufacturing accounted for 82 percent of private sector investment in R&D, while the service sector invested more in all other categories of intangibles Intangible investment was large in Swedish manufacturing compared to other countries, while it was small in services in relative terms

Design (purchased)Turnover AED sector Employees with AED occupations Total employees in AED sector X= Design Design (own account) Design (purchased) Wage bill of employees with AED occupations in the AED sector X= Wage bill for employees with design occupations in the rest of the business sector Purchased Own Account Source: Statistics Sweden

AED-occupations based on the Swedish Standard Classification of Occupations (SSYK) Architects and town planners (SSYK 2141) Civil engineers (SSYK 2142) Electrical engineers(SSYK 2143) Electronics and telecommunication engineers(SSYK 2144) Mechanical engineers(SSYK 2145) Chemical engineers(SSYK 2146) Designers(SSYK 2456) Decorators and commercial designers(SSYK 3471)

Intangible investment in manufacturing Source: Own calculations

Intangible investment in manufacturing Source: Own calculations