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

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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

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2574-0776

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https://hdl.handle.net/10161/23580

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American Economic Association

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AEA Papers and Proceedings

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10.1257/pandp.20211106

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Crisis innovation

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R&D policy

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Nelson-Arrow

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COVID-19

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World War II

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Office of Scientific Research & Development

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National Defense Research Committee

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Committee on Medical Research

dc.title

The Economics of Crisis Innovation Policy: A Historical Perspective

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Conference

duke.contributor.orcid

Gross, Daniel P|0000-0001-8865-9835

pubs.begin-page

346

pubs.end-page

350

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Fuqua School of Business

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Duke

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Published

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111

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