Abstract
Great caution is necessary to interpret the rough approximations of the rate of innovation as there are no accurate measures of it. The slowdown in productivity can be recognized and comparisons with other countries can be made. Returns from investments can be stated and possible reforms indicated. It is concluded that American technology policy cannot be divorced from economic policies. Hence improvements in the general economic climate may have more impact on US technology than specific measures to stimulate innovation.
Get full access to this article
View all access options for this article.
References
1.For a more detailed discussion of the productivity slowdown, see E. Mansfield, ‘Technology and productivity in the United States: developments and changes in the postwar period’. Conference on Postwar Changes in the American Economy, National Bureau of Economic Research ( 1980 ).
2.
Mansfield
E.
, Economic growth or stagnation: the role of technology, in
Bachman
Jules
(ed.). Economic Growth or Stagnation , ITT Key Issues Lecture Series , Bobbs Merrill, Indianapolis (1978 ).
3.
Mansfield
E
,
Rapoport
J.
,
Romeo
A
,
Villani
E.
,
Wagner
S.
and
Husic
F.
W. W. Norton , New York (1977 ).
4.
Mansfield
E.
, Contribution of R and D to economic growth in the United States, Science (4 February 1972 ).
5.For a more detailed discussion, see E. Mansfield, Federal support of R and D activities in the private sector, in Priorities and Efficiency in Federal Research and Qevelopment, Joint Economic Committee of Congress, (29 October 1976). The following paragraphs closely parallel part of my talk on The Economics of Innovation’ at the American Chemical Society in 1979.