The Economics Show
The economics of research and development. With Heidi Williams
Oct 28, 2024
Heidi Williams, a Professor of Economics at Dartmouth College and innovation policy expert, joins to delve into the pivotal role of research and development. Discover the surprising economic benefits of both public and private R&D funding. Williams emphasizes that government investment is crucial for innovation while addressing misconceptions about its value. The discussion also unpacks the rapid impacts of R&D on economic growth and the need for better integration of research insights into policy-making. Tune in for a thought-provoking exploration of the economics of innovation!
23:41
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Quick takeaways
- Government spending on R&D is crucial for fostering innovation and economic growth, yet its broader benefits are often overlooked in policy-making.
- The effectiveness of R&D funding strategies varies, highlighting the need for context-specific approaches and more comprehensive data on their impacts.
Deep dives
The Importance of R&D Funding
Government spending on research and development (R&D) is deemed crucial for stimulating innovation and economic growth. Studies suggest R&D ranks highly in government funding priorities, with some evaluations placing it at a near-perfect score due to its significant potential return on societal investment. However, Congress often overlooks the broader economic benefits of R&D by focusing solely on expenditure costs, which distorts its perceived effectiveness. This underappreciation can hinder proper funding levels for R&D despite evidence supporting its positive impact on advancements such as vaccines and technological innovations.
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