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The presumption that R&D is a key driver of economic growth is difficult to reconcile with the empirical evidence. For example, in most studies, which identify technical change with total factor productivity (TFP), the link between TFP and measures of knowledge is found to be weak. This paper shows that a reconciliation may be possible in a model where R&D contributes to growth through investment-specific technical change. Such * I would like to thank an anonymous referee for suggestions thatdoi:10.1017/s1365100507060324 fatcat:g6uh52np7vhb7aiarzaxfzymeu