Systematic evidence shows significant underinvestment in science and innovation in the United States and the world, says Benjamin F. Jones, professor of entrepreneurship and strategy at Northwestern University Kellogg School of Management in "Science and Innovation: The Under-Fueled Engine of Prosperity."
"Investing in science and innovation is perhaps the world's greatest market failure and policy changes will be essential to doing more," Jones writes. This lack of investment has implications for standards of living, health, competitiveness, and the capacity to respond to crises, Jones says.
Policy can adapt and reap the rewards of science and innovation by "scaling funding resources, scaling the people pipeline into science and innovation careers, and making diverse investments across the landscape of opportunities," Jones writes.
From Northwestern University
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