Abstract
Current uncertain business circumstances mean that a careful assessment of the profitability of industry's R&D investment has become critical. This paper develops a practical computer model for the simultaneous measurement of the service price of technology and internal rate of return to R&D investment essential to this assessment. Using the model and studying Japan's manufacturing industry over the period 1955–1993, empirical analyses are made of the metabolic assessment of technological innovation, or techno-metabolism, based on the measurement of trends in these prices and rates and the identification of the factors governing these trends.
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