ERIC Number: ED054972
Record Type: RIE
Publication Date: 1969
Reference Count: N/A
An Attempt to Quantify the Economic Benefits of Scientific Research, Science Policy Studies No. 4.
Byatt, I. C. R.; Cohen, A. V.
This paper presents a possible methodology for measuring and predicting the future course of the long-range economic benefits of "curiosity-oriented" research. The basic premise is that much pure research tends to give rise to major industries in about one generation. Each industry will have some total economic benefit which can be discounted to a present value. The discounted value of the necessary applied research, development and physical investment can be deducted to give a capitalized net benefit. The value of particular scientific discoveries is estimated by predicting the effect on net profit if the discovery had been accelerated or delayed as a consequence of some change in research expenditure. Suggestions for future work to test this model in an ex post facto examination of a series of existing scientifically based industries are made. (Author/AL)
Descriptors: Economic Research, Economics, Industry, Models, Research Methodology, Scientific Research, Technology
Her Majesty's Stationery Office, P. O. Box 569, London SE1, England
Publication Type: N/A
Education Level: N/A
Authoring Institution: Department of Education and Science, London (England).