Greater investment in basic scientific research, as opposed to applied research, is more likely to drive stronger long-term economic growth, induce a knowledge spillover effect, increase productivity ROI, and encourage more public-private collaboration, according to a group of economists at the International Monetary Fund.

Federally funded basic research conducted at American universities grew steadily from about $10 billion in 1991 to just under $50 billion in 2020 (in constant 2022 dollars). And since the passage of the Bayh-Dole Act in 1980, universities have played an increasing role in the patenting and commercialization of their discoveries. Patents to US universities increased from 440 in 1981 to 8706 in 2020. U.S. universities licensed or optioned more than 10,000 patented inventions to the private sector in 2020.