Template-Type: ReDIF-Paper 1.0
Title: Science and Innovation: The Under-Fueled Engine of Prosperity
Author-Name: Benjamin F. Jones
Abstract: Science and innovation are central to human progress and national
  economic success. Currently, the United States invests 2.8% of GDP in
  research and development, which is supported by a range of public
  policies. This chapter asks whether the United States invests enough. To
  answer that question, the conceptual case for government intervention
  and skepticism about that case are reviewed. The chapter then turns to
  systematic evidence, including the very latest evidence, regarding the
  operation of the science and innovation system and its social returns.
  This evidence suggests a clear answer: We massively underinvest in
  science and innovation, with implications for our standards of living,
  health, national competitiveness, and capacity to respond to crisis.
Creation-Date: 2021-07-01
Keywords: innovation, growth economics, R&D
File-URL: https://www.economicstrategygroup.org/wp-content/uploads/2026/06/Science-and-Innovation-The-Under-Fueled-Engine-of-Prosperity.pdf
File-Format: Application/PDF
Handle: RePEc:cxx:wpaper:science-and-innovation-the-under-fueled-engine-of-prosperity