Recent findings regarding the contribution of industrial R and D to economic growth
There is new evidence that industrial research and development (R and D) programs have made a significant contribution to economic growth and social welfare. Although a complete synthesis has not been made of the various studies, the accumulated data favors public policies that encourage private investment in R and D. Among the effects are higher productivity and market penetration of new products as a result of improved capital. Difficulties in measuring and evaluating product innovations resulting from publicly financed R and D may explain why it cannot be traced to the same effects. Policies that will maximize the social benefits of private industry R and D should support economic growth and investment in innovation by reducing the costs. This can be done through government co-funding, tap support, direct government participation in competition to industry, and direct subsidy of basic or systems research.
- Research Organization:
- National Planning Association, Washington, DC
- OSTI ID:
- 6607489
- Journal Information:
- Look. Ahead Proj. Highlights; (United States), Journal Name: Look. Ahead Proj. Highlights; (United States) Vol. 3:2; ISSN LAPHD
- Country of Publication:
- United States
- Language:
- English
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INDUSTRY
INVESTMENT
MARKET
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