The Returns to Physical Capital in Knowledge Production: Evidence from Lab Disasters
利用实验室意外事件，研究发现科学家若失去为特定研究目的自创的专用物质资本，其研究产出会持续下降；若仅失去通用物质资本，则能恢复生产率。
We investigate the nature and relevance of physical capital in knowledge production. Exploiting adverse events in research laboratories, we find that scientists experience a persistent reduction in research output if they lose specialized physical capital—equipment and material they created over time for a particular research purpose. In contrast, they recover in productivity if they only lose generic physical capital. Scientists in older laboratories, who presumably lose more obsolete physical capital, are more likely to change their research direction and recover. These findings suggest that scientists’ investments into their own physical capital yield lasting returns but also create path dependence.