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Www.bea.gov Intellectual Property & the Economy J. Steven Landefeld, Director New York State Bar Intellectual Property Section Fall Meeting September 14th,

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Presentation on theme: "Www.bea.gov Intellectual Property & the Economy J. Steven Landefeld, Director New York State Bar Intellectual Property Section Fall Meeting September 14th,"— Presentation transcript:

1 www.bea.gov Intellectual Property & the Economy J. Steven Landefeld, Director New York State Bar Intellectual Property Section Fall Meeting September 14th, 2012

2 www.bea.gov Why adding IP to GDP is Important ▪ GDP, international trade, and other statistics are hard wired into economic policy, including fiscal, monetary, tax, regulatory, and trade policy. ▪ Only a small portion of the nation’s investments in intellectual property are currently included in the nation’s economic statistics. ▪ Including the impact of IP in these statistics is key to assuring that these policies – all of which affect IP – take account of the importance of IP to economic growth, productivity, and trade. 2

3 www.bea.gov A Broader Measure of Business Intangibles, 1998-2000 3 Source: Corrado, Carol, Charles Hulten and Daniel Sichel. “Intangible Capital and Economic Growth, “ Working paper as part of the Finance and Economics Discussion Series, Divisions of Research and Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C. April 2006.

4 www.bea.gov TFP: Key to Unexplained Portion of Growth  Preliminary results of BEA’s R & D Satellite Account indicate that between 1959-2004, R&D accounted for 5 percent of growth in real GDP.  Between 1995-2004, R & D’s contribution rose to 7 percent  If spillovers (residual unexplained portion of growth) from R&D are – as research suggests- at least as large as the direct returns, R & D may account for 1/6 of total factor productivity growth. Source for table: Jorgenson, Dale W., Mun S. Ho, and Kevin J. Stiroh. 2005. Information Technology and the American Growth Resurgence, Cambridge, MA: MIT Press, pp. 38-39

5 www.bea.gov 5 Results from BEA’s 2010 R&D Satellite Account:  Treating R&D as investment would have:  1959-2007: Increased the growth rate of real GDP by.17 percentage point, a 5 percent share of growth  1995-2007: Increased the growth rate of real GDP by.23 percentage point, a 7 percent share of growth  In comparison, private investment in commercial and other types of structures accounted for just over 2 percent of average real GDP growth  The contribution to average real GDP growth from treating R&D as investment is larger than the contribution from private investment in computers and peripheral equipment

6 www.bea.gov 6 Results from BEA’s 2010 R&D Satellite Account: ▪ If spillovers (residual unexplained portion of growth) from R&D are – as research suggests- at least as large as the direct returns, R&D may account for 1/6 of TFP growth ▪ Recognition of R&D as investment would raise private fixed investment by 11.3 percent in 2007 ▪ National saving rate rises by 2.3 percentage points from 14.2 percent to 16.5 percent in 2007

7 www.bea.gov 7 Results from BEA’s 2010 R&D Satellite Account:  Information, communication, and technology (ITC) and biotechnology-related industries account for two-thirds of the business sector’s R&D contribution to GDP growth between 1995-2007  Recognizing R&D as investment boosts the level of state GDP the most in New Mexico (9.2%) and in Maryland (6.2%), on average between 1995-2007  The value of U.S investments overseas increases by $171 billion or 0.9%, the value of foreign investments in the U.S. increases by $185 billion or 0.9%, for 2007

8 www.bea.gov Shares R&D Investment by Industry, 1998 and 2007 8

9 www.bea.gov 9 R&D Investment and Investment in Nonresidential Structures

10 www.bea.gov R&D Investment as a Share of GDP, 1998 and 2007 10

11 www.bea.gov Share of Investment in Entertainment Originals by type, 2010 11 Theatrical Movies Long-Lived Television Books Music Misc. Total Investment in 2010: $69.7 billion

12 www.bea.gov Entertainment Originals Relative to GDP

13 www.bea.gov Investment in Entertainment Originals/ Total Private Investment

14 www.bea.gov Stock of Entertainment Relative to GDP

15 www.bea.gov IP-Related Products and Services Leading the Economy ▪ ICT Services:  Growth  Prices  Productivity ▪ Digitally-enabled international trade:  Exports  Imports  Services balance 15

16 www.bea.gov Percent Changes in Real GDP and ICT- Producing Industries, 2007:Q2-2011:Q4 16

17 www.bea.gov Price Indexes for Real GDP and ICT-Producing Industries, 2007:Q1-2011:Q4 17

18 www.bea.gov Percent Changes in Real Value Added and Labor Productivity, ICT-Producing Industries, 1999-2010 18

19 www.bea.gov U.S. Exports of Digitally-Enabled Services 19

20 www.bea.gov 20 U.S. Exports of Digitally-Enabled Services ▪ The share of digitally-enabled services in total exports grew from 45 percent in 1998 to 61 percent in 2010 ▪ For 1998-2010, exports of business, professional, and technical services contributed most to the overall increase in digitally-enabled services exports  The categories with the fastest rates of growth were insurance services and financial services ▪ For 2006-2010, business, professional, and technical services contributed most to the overall increase  The largest increases were for management and consulting services and R&D and testing services

21 www.bea.gov U.S. Imports of Digitally-Enabled Services 21

22 www.bea.gov 22 U.S. Imports of Digitally-Enabled Services ▪ The share of digitally-enabled services in total imports grew from 34 percent in 1998 to 56 percent in 2010  In 2010, there was a surplus on digitally-enabled trade in services of $116 billion out of a total surplus in services of $146 billion. ▪ For 1998-2010, business, professional, and technical services and insurance contributed most to the overall increase in digitally-enabled services imports  The categories with the fastest rates of growth were insurance services and business, professional, and technical services

23 www.bea.gov Real Value Added & Labor Productivity for Digital- Enabled Service Industries, 1999-2010 23 Average Productivity Growth rates, 1999-2010 U.S.: 2.6% ITC Producing industries: 12.8%

24 www.bea.gov BEA IP Research & Data Priorities ▪ Incorporation of R & D in National Income and Product Accounts (GDP) ▪ Expanded measures of other intangibles, including movies and entertainment, social science R & D, human capital, business models and firm specific R & D ▪ Continued incorporation of improved measures of prices, output, productivity, and investment returns for IT /IP products and services. 24

25 www.bea.gov U.S. Dept. of Commerce (DOC) Innovation Efforts ▪ i6 Challenge and Advanced Manufacturing Jobs and Innovation Accelerator by Economic Development Administration (EDA) - http://www.eda.gov/challenges/i6/default.htm and http://www.manufacturing.gov/accelerator/index.html http://www.eda.gov/challenges/i6/default.htm http://www.manufacturing.gov/accelerator/index.html ▪ Internet Policy Task Force by DOC - http://www.ntia.doc.gov/category/internet-policy-task-force http://www.ntia.doc.gov/category/internet-policy-task-force ▪ America Invents Act roadshow series by United States Patent and Trademark Office (USPTO) - http://www.uspto.gov/aia_implementation/roadshow.jsp http://www.uspto.gov/aia_implementation/roadshow.jsp ▪ Advanced Manufacturing Program Office by National Institute of Standards and Technology (NIST) - http://www.manufacturing.gov/amp/ampnpo.html http://www.manufacturing.gov/amp/ampnpo.html ▪ IP Awareness Assessment Tool by USPTO and NIST - http://www.uspto.gov/inventors/assessment/index.html http://www.uspto.gov/inventors/assessment/index.html ▪ Intellectual Property and the U.S. Economy Report by Economic Statistics Administration - http://www.esa.doc.gov/Reports/intellectual-property-and-us- economy-industries-focus http://www.esa.doc.gov/Reports/intellectual-property-and-us- economy-industries-focus 25

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