The Economics of R&D Policy

(Hardback)

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Description

Industry officials and government policymakers have for some time decried the lack of a framework for establishing and defending Research and Development (R&D) policies. Effective policy requires an understanding of the underlying economics. This book offers models and analysis of the economic elements that drive technology-based growth with emphasis on their implications for policy analysis. It also compares existing U.S. policies with those used in Europe and Japan. The results of these models and analysis is a framework for matching various forms of underinvestment with efficient strategic and policy responses. This market-failure based approach enables industry and government R&D initiatives to be developed, analyzed, and implemented with greater success than previously attained. The first part of the book analyzes economic trends to show how they are affected by technological change and the evolving nature of foreign competition. R&D spending patterns are studied to identify and characterize market failures that prevent adequate private-sector investments in technology. A model is presented for a typical technology-based industry. The second part looks at specific technologies and policies that impact R&D investment and that have been the subject of intense policy debate.

Reviews

.,."science and technology has received remarkably little attention from economists....Gregory Tassey's excellent new book will help to remedy that situation....The book is clearly written with a minimum of jargon, and, while it is rigorous in its analysis, it does not require that the reader to be versed in economics or conversant with the mathematical formulations that infuse many other economics books in this realm....One can hope, however, that its influence...is sufficiently strong that its insights become an accepted part of the broader dialogue through which policy is shaped."-The Journal of Technology Transfer
...science and technology has received remarkably little attention from economists....Gregory Tassey's excellent new book will help to remedy that situation....The book is clearly written with a minimum of jargon, and, while it is rigorous in its analysis, it does not require that the reader to be versed in economics or conversant with the mathematical formulations that infuse many other economics books in this realm....One can hope, however, that its influence...is sufficiently strong that its insights become an accepted part of the broader dialogue through which policy is shaped.-The Journal of Technology Transfer
Tassey writes that his book is aimed at three audiences: economists and policy analysts interested in economic growth issues; business managers concerned about the policy environment for technology, and those actually involved in the policy-making process. It is certainly accessible to all three of these groups and should also be read by students in science and technology policy graduate programs....One can hope, however, that its influence....is sufficiently strong that its insights become an accepted part of the broader dialogue through which policy is shaped.-The Journal of Technology and Transfer
"Tassey writes that his book is aimed at three audiences: economists and policy analysts interested in economic growth issues; business managers concerned about the policy environment for technology, and those actually involved in the policy-making process. It is certainly accessible to all three of these groups and should also be read by students in science and technology policy graduate programs....One can hope, however, that its influence....is sufficiently strong that its insights become an accepted part of the broader dialogue through which policy is shaped."-The Journal of Technology and Transfer
..."science and technology has received remarkably little attention from economists....Gregory Tassey's excellent new book will help to remedy that situation....The book is clearly written with a minimum of jargon, and, while it is rigorous in its analysis, it does not require that the reader to be versed in economics or conversant with the mathematical formulations that infuse many other economics books in this realm....One can hope, however, that its influence...is sufficiently strong that its insights become an accepted part of the broader dialogue through which policy is shaped."-The Journal of Technology Transfer

Author Bio

GREGORY TASSEY is Senior Economist at the National Institute of Standards and Technology. He is the author of numerous books and articles on technology policy and economic growth.