TAILIEUCHUNG - The economic benefits of publicly funded basic research: a critical review

In recent years, although slowly, steps have been taken towards a greater liberalisation of the agricultural markets. However, agriculture still accounts for 66% of the protectionism in the trade for goods and services today. This explains, at least in part, its small impact on international trade, since it only represents 4% of the gross world product (World Bank, 2006). For EU member countries, agricultural protectionism derives from the CAP (Common Agricultural Policy). A thorough reform of the CAP would lead to losses in certain sectors, as we will see in the recommendations section. Nevertheless, other collectivities should. | ELSEVIER Research Policy 30 2001 509-532 research policy locate econbase The economic benefits of publicly funded basic research a critical review Ammon J Salter Ben R Martin SPRU Science and Technology Policy Research University of Sussex Faimer Brighton BN 1 9RF UK Accepted 9 February 2000 Abstract This article critically reviews the literature on the economic benefits of publicly funded basic research. In that literature three main methodological approaches have been adopted - econometric studies surveys and case studies. Econometric studies are subject to certain methodological limitations but they suggest that the economic benefits are very substantial. These studies have also highlighted the importance of spillovers and the existence of localisation effects in research. From the literature based on surveys and on case studies it is clear that the benefits from public investment in basic research can take a variety of forms. We classify these into six main categories reviewing the evidence on the nature and extent of each type. The relative importance of these different forms of benefit apparently varies with scientific field technology and industrial sector. Consequently no simple model of the economic benefits from basic research is possible We reconsider the rationale for government funding of basic research arguing that the traditional market failure justification needs to be extended to take account of these different forms of benefit from basic research. The article concludes by identifying some of the policy implications that follow from this review. 2001 Elsevier Science . All rights reserved. Keywords Economic benefits Basic research Government funding Introduction The relationship between publicly funded basic research and economic performance is an important one. Considerable government funds are spent on basic research in universities institutes and elsewhere yet scientists and research funding agencies constantly argue that more

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