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Navigating the Knowledge Economy: R&D Insights and Challenges

Explore the complexities of R&D in the knowledge economy, delving into core questions, market dynamics, and returns on investment. Discover key distinctions and concerns to navigate this evolving landscape effectively.

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Navigating the Knowledge Economy: R&D Insights and Challenges

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  1. BEA R&D Satellite Account Comments Iain M. Cockburn Boston University and NBER

  2. What to Like • A big step forward in getting serious about the knowledge economy • Identification of core “hard questions”

  3. Things to worry about (1) • What is R&D? • R vs. D? Does it matter? • Frascati/SNA/Corrado-Hulten-Sichel “domains” • Formal/corporate vs. informal/SME • Distinctions we might care about • Codified vs. non-codified knowledge? • Transactable? Replicable? Reusable? • See “knowledge management” literature

  4. Things to worry about (2) • Marketed/non-marketed “output” • There is a Market for Knowledge, surely informative: e.g. • Licensing • Out-sourced R&D, research services • Partnerships, consortia • Technical books • Education & training • But horrendously poor data on most of this

  5. Things to worry about (3) • Rates of return • Returns to govt-funded/basic research mostly spillovers: i.e. 50%+ • “Bond rate plus premium” seems very low • To what extent is data reported on surveys like (NSFs) significantly shaped by tax reporting rules, GAAP etc.?

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