LAG BETWEEN R&D EXPENDITURE AND PRODUCTIVITY
The decision to invest in research and development (R&D) expenditure and its ultimate payoff in terms of increased productivity involve considerable lag, actually several lags, such as, ".. . the lag between the investment of funds and the time inventions actually begin to appear, the lag between the invention of an idea or device and its development up to a commercially applicable stage, and the lag which is introduced by the process of diffusion: it takes time before all the old machines are replaced by the better new ones.''3
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