Science is the key to economic growth

A nice op-ed by Neal Lane in today’s NYT, however, IMO Obama’s record on support for science is mixed and could be improved.  

Mr. Romney seems to have lost sight of the critical role of research investments not only in developing new medicines and cleaner energy sources but also in creating higher-skilled jobs.

The private sector can’t do it alone. We rely on companies to translate scientific discoveries into products. But federal investment in research and development, especially basic research, is critical to their success. Just look at Google, which was started by two graduate students working on a project supported by the National Science Foundation and today employs 54,000 people.

Richard K. Templeton, chief executive of Texas Instruments, put it this way in 2009: “Research conducted at universities and national labs underpins the new innovations that drive economic growth.”

In 2010, the federal government invested about $26.6 billion in N.I.H. research; those investments led to $69 billion in economic activity and supported 485,000 jobs across the country, according to United for Medical Research, a nonpartisan group.

So science investments not only created jobs in new industries of the time, like the Internet and nanotechnology, but also the rising tax revenues that made budget surpluses possible.

read it all here

 

One Response to “Science is the key to economic growth”

  1. lyss says:

    Just FYI, the link at the end is broken!

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