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!
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R&D Effectiveness
- Government R&D spending is highly effective for boosting innovation and productivity.
- It's among the top policies, scoring 9.5 or 10 out of 10 in effectiveness.
Congressional Undervaluation of R&D
- Congress often undervalues R&D spending due to limited information.
- They only see the spending without the economic benefits, rating it a 0 or 1.
Examples of R&D Spending
- Examples of government R&D spending include NASA's space race and the Human Genome Project.
- Regular grants are given to academics for research projects, including high-risk ones.