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Conversable Economist: Innovation Policy: Federal Support for R&D Falls as its Importance Rises
7 August 2019
Of course, the relationship between R&D spending and broader technological progress is complicated. Translating research discoveries into goods and services isn't a simple or mechanical process. Other important elements include the economic and regulatory environment for entrepreneurs, the diffusion of new technologies across firms, and the quantity of scientists and researchers. For an overview of the broader issues, Nicholas Bloom, John Van Reenen, and Heidi Williams offer "A Toolkit of Policies to Promote Innovation" in the Summer 2018 issue of the Journal of Economic Perspectives.