The Knowledge Production Function and the Returns to R&D

Two, related projects are envisioned. The first project examines the mapping from research inputs to research outputs. It will emphasize how individuals can be assembled most effectively in pursuit of scientific breakthroughs. The second project examines the mapping from research inputs to social benefits. It will estimate the social returns to R&D, using aggregate output measures (like the path of GDP) to overcome the challenge of estimating spillovers across industries and over time.