The Economics Of Science And Technology

Science and technology have long been regarded as important determinants of economic growth. Edwin Mansfield (1971, pp. 1- 2), a pioneer in the economics of technological change, noted: Technological change is an important, if not the most important, factor responsible for economic growth . . . without question, [it] is one of the most important determinants of the shape and evolution of the American economy. Science and technology are even more important in the "new economy," with its greater emphasis on the role of intellectual property and knowledge transfer. Therefore, it is unfortunate that most individuals rarely have the opportunity to explore the economic implications of science and technology. As a result, the antecedents and consequences of technological change are poorly understood by many in the general public. This lack of understanding is reflected in a recent survey conducted by the National Science Board (2000), summarized in Science & Engineering Indicators. ' As shown in Table 1. 1, the findings of the survey indicated that many Americans, despite a high level of interests in such matters, are not as well-informed about technological issues as they are about other policy issues. As shown in the table, individuals self assess, based on a scale from 1 to 100, their interest in science and technology policy issues as being relatively high, yet they self assess their knowledge or informedness about these issues relatively lower.

Originally published in 1973 this book applies economic analysis to scientific research and to industrial reserch and development and analyses the interactions between these activities and economic activities in general. The book begins by looking at the relationships between science and technology and then: Analyses research and development in manufacturing industry Explains the different levels of expenditure in research and development in different industries and the role of such expenditure in the growth of firms Looks at the distribution of science and technology expenditure Discusses the international transfer of technology The book draws on evidence from several fields of study and imposes a theme upon the variety of evidence.

This book is largely based on a 1998 forum where participants from across America discussed ways to improve the utilization of science and technology for economic growth over the next several decades. A steering committee of prominent Americans, co-chaired by SEMATECH Chairman William Spencer and former Pennsylvania Governor and U.S. Attorney General Dick Thornburgh, developed consensus recommendations from the forum input. Harnessing Science and Technology for America's Economic Future puts forward long-term goals for the nation and associated action items. It includes background papers and talks from the forum, covers the economics of science and technology-based growth, industry trends, the role of government, education, research universities, and the international context.

Combining a global approach with examples from everyday life, this work describes the lives of two children who live very different lives in different parts of the world: in the Mid-West USA and in Ethiopia. Along the way, it provides an introduction to key economic factors and concepts such as individual choices, national policies, and equity.

The past few centuries have seen an enormous increase in living standards in many parts of the world and these economies have become more complex than ever before. At the same time, progress in science and technology has reached unprecedented heights, taking us far beyond the wildest dreams of a few generations ago. Questions as to how science, technology and the economy interact are pertinent and important ones, whose partial answers require a view "from across the fence" between disciplines. This book provides an introduction to the vast and varied field of the economics of science. It is a unique blend of an economic perspective on the way science works, what makes scientists tick, and a study of the impact of scientific and technological progress on economies and their growth. Whether it is about the speculative market of ideas or science and technology as engines of the economy, there is something here for economists, engineers and scientists alike.

I was asked recently to prepare an independent background report on the subject of priority assessment in science and technology policy for the Australian Science and Technology Council. The Council (while not necessarily endorsing this book) suggested that a wider audience could be interested in the type of material contained in my report and kindly gave me permission to publish the material in my own right. The present book contains this and other material, some of which was presented at a seminar on National Science Policy: Implications for Government Departments arranged by the Department of Science and the Environment. Additional ideas were developed in response to comments on the manuscript by referees, as a result of discussions with Professor John Metcalfe and Dr Peter Stubbs of Manchester University, a conversation with Dr Keith Hartley of the University of York and in the wake of a communication from Dr Ken Tucker, Assistant Director, Bureau of Industry Economics, Australia. Science and technology policy affects and concerns everyone of us if for no other reason than we cannot escape in this interdependent world from the economic, social and environmental overs pills generated by science and technology. We must face the problems and promises inherent in new and existing science and technology whether we like it or not. Not surprisingly this book finds that all industrialized countries seem to be facing similar economic and social problems.

From essays examining economic welfare to the idea of scientists as agents to the digital aspects of higher education, presents a comprehensive overview of the new directions of this expanding area.