The Economics of Crisis Innovation Policy: A Historical Perspective
dc.contributor.author | Gross, Daniel P | |
dc.contributor.author | Sampat, Bhaven N | |
dc.date.accessioned | 2021-08-09T18:01:12Z | |
dc.date.available | 2021-08-09T18:01:12Z | |
dc.date.issued | 2021-05-01 | |
dc.date.updated | 2021-08-09T18:01:11Z | |
dc.description.abstract | <jats:p> Since the beginning of the COVID-19 pandemic, policymakers, researchers, and journalists have made comparisons to World War II. In 1940, a group of top US science administrators organized a major coordinated research effort to support the Allied war effort, including significant investments in medical research that yielded innovations like mass-produced penicillin, antimalarials, and a flu vaccine. We draw on this episode to discuss the economics of crisis innovation. Since the objectives of crisis R&D are different than ordinary R&D, we argue that appropriate R&D policy in a crisis requires going beyond the standard Nelson-Arrow framework for research policy. </jats:p> | |
dc.identifier.issn | 2574-0768 | |
dc.identifier.issn | 2574-0776 | |
dc.identifier.uri | ||
dc.publisher | American Economic Association | |
dc.relation.ispartof | AEA Papers and Proceedings | |
dc.relation.isversionof | 10.1257/pandp.20211106 | |
dc.subject | Crisis innovation | |
dc.subject | R&D policy | |
dc.subject | Nelson-Arrow | |
dc.subject | COVID-19 | |
dc.subject | World War II | |
dc.subject | Office of Scientific Research & Development | |
dc.subject | National Defense Research Committee | |
dc.subject | Committee on Medical Research | |
dc.title | The Economics of Crisis Innovation Policy: A Historical Perspective | |
dc.type | Conference | |
duke.contributor.orcid | Gross, Daniel P|0000-0001-8865-9835 | |
pubs.begin-page | 346 | |
pubs.end-page | 350 | |
pubs.organisational-group | Fuqua School of Business | |
pubs.organisational-group | Duke | |
pubs.publication-status | Published | |
pubs.volume | 111 |
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