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Application of new knowledge |
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Someone who perceives and acts on an opportunity |
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Where does the public sector get the right to get involved in innovations?
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The Constitution: promoting the general welfare. As well as ratifications to the Constitution
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How does NC compare to the rest of the nation in terms of academic spending on R&D? And what is the outcome in terms of future growth in the state?
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NC is one of the leading states in academic research in R&D and the implication of this is it should have a positive impact on economic growth
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How does NC compare to the US average in academic patenting? How does this correlate to new innovations?
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NC is below the national average and thus falls behind on new patented innovations
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| generally related to indirect public-sector support of innovation |
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| Vannevar Bush's report-- The Endless Frontier |
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| There is no limit to science. Basic research leads to new knowledge and provides scientific capital. The report laid the basis for what was to become the National Science Foundation. Set forth the linear model paradigm. |
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| The National Science Foundation |
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| Funds basic research through grants--the search for knowledge that has a preconceived purpose and benefit to the general public. |
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| The accumulation of scientific and technological knowledge that resides in the public domain. Funded by the federal government and performed in universities and national laboratories. |
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| Technology in which a company invests and is expected to appropriate results fully. Generally classified under indistrial R&D. |
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| How does the government induce the private sector to do more R&D? |
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Free market approach: The private sector will invest on its own and optimal amount of R&D
Industrial policy approach: The public sector should influence technology development |
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| Traditional paradigm vs. More relevant paradigm |
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Definition
Traditional paradigm: New technology is the driver of economic growth
More relevent: New technology is the driver of economic growth and it emanates from R&D activity in the private sector. |
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| What was the first policy statement with economic content? |
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| President Clinton's Economic Report of the President |
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| Investments in R&D are positively related to TFP (total factor productivity) growth. TFP is a measure of technology advancement which spills over to provide economic growth |
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| Government has had a steady decline in R&D while the private sector has had a steady increase--therefore, less new knowledge being created in the public sector and more development in the private sector. |
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| Government gave universities the rights to R&D to get the knowledge into the public sector. |
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| Financial incentive to businesses |
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| Small Business Innovation Development Act (1982) |
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| Government gave small companies an incentive |
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| National Cooperative Research Act (1984) |
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| Allowwed companies to cooperate without being penalized (anti-trust) |
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The minimum return on investment needed in order to engage in the acitivity.
Average hurdle rate for R&D is 25% |
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| Is a positive spillover gap sufficient enough for government policy action? |
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Definition
| No, we need a second rule. The firm would not take action on their own without government incentive. |
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| Infrastructure technology |
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Definition
| Reduces the market risk (not technical risk) associated with the introduction of a new product or process |
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Total factor productivity
Q/F(K,L)
Justification for public policy to increase private R&D |
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| Vannevar Bush's Linear Model |
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Definition
| Basic research--applied research--development--enhanced production--economic growth |
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| the accumulatin of scientific and technological knowledge. Resides in the public domain because knowledge has public good characteristics. |
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| Research that advances knowledge but does not have and is not intended to have specific or immediate application |
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| Research orientated to discovering new scientific knowledge that has specific commercial objectives |
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| The systematic use of knowledge derived from research (basic and applied) directed toward the production of useful materials, devices, systems, or methods. |
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| How much money does the U.S spend on R&D per year? |
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| Where does the majority of R&D money go? |
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| Who finances most of industries R&D? |
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| Who funds most of Universities R&D? |
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| What is the driving force behind TFP? |
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| Basic Research-- nearly 100% |
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| In terms of R&D investment, how does the U.S compare to other nations? |
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| The U.S is ahead of Europe (growing quickly especially in Germany and Scandanavia) and Asia (increasing at a faster rate) |
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| How is the research divided? |
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Definition
Development: 60%
Applied Research: 19%
Basic Research: 20% |
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Technology in which a company invests its own resources and it expects to appropriate fully whatever results from its investment
98% is funded by investments. Very much demand driven--profit motive. Pharmaceuticals. |
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| Downward sloping-- diminishing marginal return. More investment in R&D with patent system. |
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| Infrastructure Technology |
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| Quasi-public good technologies that reduce market risk and leverage the efficiancy of private R&D (reduces transaction costs). Developed by the public sector. |
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| The point where a company needs to come up with enough financial capital for the comapny to survive. |
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| Where do most small businesses receive their capital? |
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| Themselves, family or venture capitalists. |
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