How to measure the returns on R&D spending
The article discusses the importance of measuring returns on research and development (R&D) spending, especially in light of proposed cuts to federal science funding. It emphasizes the need to assess the value of R&D investments by looking at their return on investment (ROI) and highlights the challenges in quantifying these returns. Economists have found that R&D is a significant long-term investment that positively impacts economic growth. Publicly funded R&D has been shown to have a greater impact on productivity growth compared to private R&D, indicating a need for a balanced approach to funding fundamental science. The article concludes by underscoring the importance of public funding for basic science as a sound investment for future prosperity.