Useful Stats: Measuring the Returns to R&D

There is no simple answer to a frequently asked question that SSTI receives: what should we expect to be a good return on public investment in research? A new working paper available from the National Bureau of Economic Research helps clarify the range of possible answers, though, and strongly suggests the investment is worthwhile. Reviewing studies from the past half century, the authors conclude the rates of return for R&D are "usually higher than those to ordinary capital" and social returns "are almost always estimated to be substantially greater than the private returns" - both conclusions supporting an increasing role for public research investment.  Read more ...