What’s the return on government funding for research? There are a few places in the academic literature you can look to for insight. Jones and Summers (2021) uses a hypothetical thought experiment to make the case that, on average, every dollar of R&D spent probably generates several dollars in benefits via its long-run impact on economic growth (see What are the returns to R&D? for more discussion). But that result applies only to R&D in general, government and non-government, bu...
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What’s the return on government funding for research? There are a few places in the academic literature you can look to for insight. Jones and Summers (2021) uses a hypothetical thought experiment to make the case that, on average, every dollar of R&D spent probably generates several dollars in benefits via its long-run impact on economic growth (see What are the returns to R&D? for more discussion). But that result applies only to R&D in general, government and non-government, bu...
Technology has advanced by leaps and bounds in the past few centuries, but much of that progress is still limited to the richest countries. Why don't new technologies spread quickly throughout the world, benefiting billions of people? In this podcast, we’ll focus on one particular answer: new technologies improve productivity, but they improve productivity more when paired with knowledge on how to use them. If this is true, new technologies will be less beneficial to recipients who don’t have...
New Things Under the Sun
What’s the return on government funding for research? There are a few places in the academic literature you can look to for insight. Jones and Summers (2021) uses a hypothetical thought experiment to make the case that, on average, every dollar of R&D spent probably generates several dollars in benefits via its long-run impact on economic growth (see What are the returns to R&D? for more discussion). But that result applies only to R&D in general, government and non-government, bu...
