The Determinants of Industrial Research and Development: A Study of the Chemical, Drug, and Petroleum Industries
Abstract
Economists have recently grown interested in doing research on research or R & D,
as it is called in industrial circles. Several studies have tested Schumpeter's hoary
hypothesis that large firms are responsible for most industrial inventive activity.1
Few of these studies, however, suggest why this hypothesis is apparently valid for
some industries and not for others. And statistical studies going beyond this question,
to try to relate R & D expenditures to firm profit expectations and the availability
of funds as in other investment decisions, are rare (Mansfield, 1964; Mueller, 1967).
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Henry G. Grabowski
Professor Emeritus of Economics
Professor Grabowski specializes in the investigation of economics in the pharmaceutical
industry, government regulation of business, and the economics of innovation. His
specific interests within these fields include intellectual property and generic competition
issues, the effects of government policy actions, and the costs and returns to pharmaceutical
R&D. He has been publishing research papers for over four decades, from his earlier
work, “The Effects of Regulatory Policy on the Incentives
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