Harnessing Science and Technology for America's Economic Future National and Regional Priorities (1999) / Chapter Skim
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2 Science, Technology, and Economic Growth
2 Science, Technology, and Economic Growth
Pages 9-16
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From page 9... ...
Efforts by Solomon Fabricant, Moses Abramovitz, and John Kendrick to quantify the contributions of various factors to 5 This section draws on the paper by Richard R Nelson, "Technical Advance and Economic Growth," in Part II of this report.
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From page 10... ...
Some hold that knowledge on the other hand brings increasing returns to scale.7 Research and discussion associated with new growth theory have renewed interest in the science and technology aspects of other fields of economics, such as labor-market economics. This new appreciation for the role of human capital in economic progress could have important policy implications for science and engineering education.8 In short, economists long have agreed that science and technology are essential to economic growth in developed economies, but new growth theory is contributing to wider appreciation and deeper understanding of this connection.
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From page 11... ...
Although several of his specific policy recommendations were never enacted, the model implicit in the plan, picturing innovation as a linear process moving from basic research to applied research to development to production and operations achieved pervasive and lasting influence (see Figure 2-1~. With the end of the Cold War, the high-technology success of Japan and other economies that were not performing basic research on a large scale, and other factors, the linear model has come to be seen as less descriptive of real-world relationships, and therefore less useful.
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From page 12... ...
The U.S. share of each has declined over the years, and now, most of the world's R&D is performed outside the United States.
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From page 13... ...
1 970 Private 43% Federal 57% 1 995 Private 65% Federal 35% FIGURE 2-4 Federal and private funding of U.S. R&D Source: National Science Board, Science & Engineering Indicators, 1998, Arlington, Va.
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From page 14... ...
0.8 0.6 o 0.4 0.2 o 1 980 1 996 FIGURE 2-6 Federal nondefense R&D as a percentage of GDP Source: National Science Board, Science & Engineering Indicators, 1996, Arlington, Va., National Science Foundation, 1996.
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From page 15... ...
reports that labor productivity has increased substantially in manufacturing sectors that use computers intensively but has grown less rapidly in service industries and manufacturing industries that do not use computers. Some economists argue that mismeasurement of price changes and output makes productivity performance look worse than what it is, especially in the service sector.
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From page 16... ...
Other economists argue that although technology plays a major role in the skill upgrading of the workforce over the long term, skill-based technological change has not been the primary cause of increased wage inequality during the 1980s and l990s.~i Despite the current economic environment of relatively low inflation and unemployment, the U.S. economy faces continuing challenges in delivering sustained growth in living standards for the majority of Americans.
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