The economics of science and technology : an overview of initiatives to foster innovation, entrepreneurship, and economic growth

Science and technology have long been regarded as important determinants of economic growth. Edwin Mansfield (1971, pp. 1- 2), a pioneer in the economics of technological change, noted: Technological change is an important, if not the most important, factor responsible for economic growth . . . without question, [it] is one of the most important determinants of the shape and evolution of the American economy. Science and technology are even more important in the "new economy," with its greater emphasis on the role of intellectual property and knowledge transfer. Therefore, it is unfortunate that most individuals rarely have the opportunity to explore the economic implications of science and technology. As a result, the antecedents and consequences of technological change are poorly understood by many in the general public. This lack of understanding is reflected in a recent survey conducted by the National Science Board (2000), summarized in Science & Engineering Indicators. ' As shown in Table 1. 1, the findings of the survey indicated that many Americans, despite a high level of interests in such matters, are not as well-informed about technological issues as they are about other policy issues. As shown in the table, individuals self assess, based on a scale from 1 to 100, their interest in science and technology policy issues as being relatively high, yet they self assess their knowledge or informedness about these issues relatively lower.

List of Tables	p. xi
List of Figures	p. xiii
Acknowledgements	p. xv
1. Introduction	p. 1
Fundamental Definitions	p. 3
Overview of the Book	p. 5
2. An Historical Perspective	p. 7
The Colonial Period	p. 7
Toward a National Science and Technology Infrastructure	p. 10
Toward an Industrial Science and Technology Infrastructure	p. 11
World War I and the Years that Followed	p. 12
World War II and the Years that Followed	p. 14
3. Economic Growth and Technological Change	p. 21
4. Dimensions of R&D	p. 27
Sources of Funding of R&D	p. 27
R&D Performers	p. 30
R&D by Character of Use	p. 32
R&D Activity in Large and Small Firms	p. 33
R&D Activity by Geographic Location	p. 37
R&D-to-Productivity Growth Relationship	p. 38
5. The Entrepreneurial Process	p. 43
6. Government's Role in Innovation	p. 47
Economic Rationale for Government Involvement	p. 47
Barriers to Technology and Market Failure	p. 49
7. The Patent System	p. 53
8. Tax Incentives	p. 59
The Economics of Tax Credits	p. 60
The R&E Tax Credit	p. 61
9. Research Collaborations	p. 65
Semiconductor Research Corporation	p. 65
Public Policy Toward Research Collaborations	p. 67
Trends in RJVs	p. 69
Universities as Research Partners	p. 70
Government Laboratories as a Research Partner	p. 72
10. Public/Private Partnerships	p. 75
Sematech	p. 77
Small Business Innovation Research Program	p. 79
Advanced Technology Program	p. 80
11. Infrastructure Technology	p. 83
Federal Laboratory System	p. 83
National Institute of Standards and Technology	p. 84
The Economics of Standards	p. 89
12. An Integrated Entrepreneurial Process	p. 93
13. Labor Market for R&D Scientists and Engineers	p. 97
Foreign-Born Scientists and Engineers	p. 98
R&D Policy on S&E Labor Markets	p. 98
Women in Science	p. 100
Forecasting Scientific Labor Markets	p. 100
14. Public Accountability	p. 103
Performance Accountability	p. 104
Fiscal Accountability	p. 107
Systematic Approaches to the Evaluation of Technology-Based Programs	p. 108
Program Evaluation	p. 111
15. Conclusions	p. 113
References	p. 117
Index	p. 131

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