Overview

In Public Goods, Public Gains, Link and Scott discuss the systematic application of alternative evaluation methods to estimate the social benefits of publicly financed research and development (R&D). The authors argue that economic theory should be the guiding criterion for any method of program evaluation because it focuses attention on the value and the opportunity costs of the program. The evaluation methods discussed and illustrated are both economics and, for comparison, non-economics based. The book is motivated by four foundation chapters that discuss government's role in innovation from the perspective of economic theory, review public accountability issues from both a constitutional and an historical perspective, overview systematic approaches to program evaluation, and describe the evaluation metrics typically used. Four case studies illustrate the four alternative evaluation approaches discussed. These case studies are for the U.S. Advanced Technology Program's intramural research awards program, the U.S. National Institute of Standards and Technology's research on wavelength references for optical fiber communications, the U.S. Malcolm Baldrige National Quality Award, and the Advanced Technology Program's focused program on the integration of manufacturing applications.

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9780199729685

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Reviews

Public support of R&D has played a vital role in U.S. economic growth but, at the same time, there is always the danger of wasting money by supporting bad projects. Link and Scott are two of the premier economists in the field, and in their superb book they lay out the approach needed to decide if and how public support should be provided. Globally, there is increasing public support for R&D and the U.S. should respond to the competitive pressure, but only by doing it right. Link and Scott tell us how. --Martin Neil Baily, Bernard L. Schwartz Chair, The Brookings Institution, former Chairman of the Council of Economic Advisers Publicly-funded R&D is generally regarded to be an important source of economic growth. Unfortunately, it has always been difficult to precisely estimate the social returns to these investments, i.e., the benefits that accrue to society from publicly-funded innovation. In this path-breaking book, the authors identify and make use of sophisticated economic and non-economic methods to carefully evaluate the social returns to publicly-funded R&D. Given the growing importance of innovation in the global economy, the usefulness of this timely and important book to academics and policymakers will not diminish over time. --Donald S. Siegel, Dean and Professor, School of Business, University at Albany, SUNY

Public support of R&D has played a vital role in U.S. economic growth but, at the same time, there is always the danger of wasting money by supporting bad projects. Link and Scott are two of the premier economists in the field, and in their superb book they lay out the approach needed to decide if and how public support should be provided. Globally, there is increasing public support for R&D and the U.S. should respond to the competitive pressure, but only by doing it right. Link and Scott tell us how. --Martin Neil Baily, Bernard L. Schwartz Chair, The Brookings Institution, former Chairman of the Council of Economic Advisers Publicly-funded R&D is generally regarded to be an important source of economic growth. Unfortunately, it has always been difficult to precisely estimate the social returns to these investments, i.e., the benefits that accrue to society from publicly-funded innovation. In this path-breaking book, the authors identify and make use of sophisticated economic and non-economic methods to carefully evaluate the social returns to publicly-funded R&D. Given the growing importance of innovation in the global economy, the usefulness of this timely and important book to academics and policymakers will not diminish over time. --Donald S. Siegel, Dean and Professor, School of Business, University at Albany, SUNY

<br> Public support of R&D has played a vital role in U.S. economic growth but, at the same time, there is always the danger of wasting money by supporting bad projects. Link and Scott are two of the premier economists in the field, and in their superb book they lay out the approach needed to decide if and how public support should be provided. Globally, there is increasing public support for R&D and the U.S. should respond to the competitive pressure, but only by doing it right. Link and Scott tell us how. --Martin Neil Baily, Bernard L. Schwartz Chair, The Brookings Institution, former Chairman of the Council of Economic Advisers<br> Publicly-funded R&D is generally regarded to be an important source of economic growth. Unfortunately, it has always been difficult to precisely estimate the social returns to these investments, i.e., the benefits that accrue to society from publicly-funded innovation. In this path-breaking book, the authors identify and make use of sophisticated econom

Public support of R&D has played a vital role in U.S. economic growth but, at the same time, there is always the danger of wasting money by supporting bad projects. Link and Scott are two of the premier economists in the field, and in their superb book they lay out the approach needed to decide if and how public support should be provided. Globally, there is increasing public support for R&D and the U.S. should respond to the competitive pressure, but only by doing it right. Link and Scott tell us how. Martin Neil Baily, Bernard L. Schwartz Chair, The Brookings Institution, former Chairman of the Council of Economic Advisers

Author Information

Albert N. Link is Professor of Economics at the University of North Carolina at Greensboro. His research focuses on innovation policy, academic entrepreneurship, and the economics of R&D. He is the Editor-in-Chief of the Journal of Technology Transfer. Professor Link is serving as the vice-chairperson of the Innovation and Competitiveness Policies Committee of the United Nation's Economic Commission for Europe (UNECE). John T. Scott is Professor of Economics at Dartmouth College. His research is in the areas of industrial organization and the economics of technological change. He has served as the President of the Industrial Organization Society and on the editorial boards of the International Journal of Industrial Organization, the Review of Industrial Organization, and The Journal of Industrial Economics.

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