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Economic policy, the new economy and the social rate of return to R&D in UK manufacturing

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This article focuses on the question of whether public policy changes and/or the new economy have influenced the social returns to R&D expenditure in UK manufacturing over the three decades up to the end of the millennium. The basic methodology is reasonably straightforward, to estimate a production function in which, in addition to labour and fixed capital, R&D appears separately in a form that directly enables estimates of the social return to investment in knowledge and how it has changed over time. The results suggest that neither changes in government R&D policy nor the new economy have raised social returns to R&D.

Keywords: New economy; R&D public policy; Social return to R&D

Document Type: Research Article


Publication date: 2004-10-01

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