The Economics Show Is innovation slowing down? With Matt Clancy
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Feb 10, 2025 
Matt Clancy, an innovation economist and author, dives into the intriguing decline of productivity growth since the 1960s despite rising R&D investments. He explores whether society has become too risk-averse or if we've exhausted easier scientific advancements. Clancy discusses the limitations of traditional research funding and the need for experimental approaches to rejuvenate innovation. He also highlights the optimistic potential of AI in fostering collaboration and enhancing scientific productivity, proposing a more adventurous funding landscape.
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Declining Research Productivity
- Research productivity, particularly in health and income, has declined since the 1960s.
- This decline coincides with increased R&D investment, suggesting a lower output per researcher.
Burden of Knowledge
- Scientific advancements require increasingly specialized knowledge, leading to larger research teams and longer training periods.
- This "burden of knowledge" may contribute to declining research productivity.
LLMs and Research
- Large language models (LLMs) may offer a solution to the burden of knowledge by synthesizing and translating information.
- LLMs could enable researchers to focus on high-level connections rather than mastering every detail.