@article{Kumar_Devi_2017, title={THE ECONOMIC BENEFITS OF PUBLICLY FUNDED BASIC RESEARCH: A CRITICAL REVIEW}, volume={4}, url={https://www.granthaalayahpublication.org/ijetmr-ojms/ijetmr/article/view/IJETMR17-SCIENCEFEST-11}, DOI={10.29121/ijetmr.v4.i12.2017.594}, abstractNote={<p><em><strong>This article critically reviews the literature on the economic benefits of publicly funded basic</strong></em><br><em><strong>research. In that literature, three main methodological approaches have been adopted —</strong></em><br><em><strong>econometric studies, surveys and case studies. Econometric studies are subject to certain</strong></em><br><em><strong>methodological limitations but they suggest that the economic benefits are very substantial.</strong></em><br><em><strong>These studies have also highlighted the importance of spill over’s and the existence of</strong></em><br><em><strong>localisation effects in research. From the literature based on surveys and on case studies, it is</strong></em><br><em><strong>clear that the benefits from public investment in basic research can take a variety of forms. We</strong></em><br><em><strong>classify these into six main categories, reviewing the evidence on the nature and extent of each</strong></em><br><em><strong>type. The relative importance of these different forms of benefit apparently varies with</strong></em><br><em><strong>scientific field, technology and industrial sector. Consequently, no simple model of the</strong></em><br><em><strong>economic benefits from basic research is possible. We reconsider the rationale for government</strong></em><br><em><strong>funding of basic research, arguing that the traditional ‘market failure’ justification needs to</strong></em><br><em><strong>be extended to take account of these different forms of benefit from basic research. The article</strong></em><br><em><strong>concludes by identifying some of the policy implications that follow from this review.</strong></em></p>}, number={12}, journal={International Journal of Engineering Technologies and Management Research}, author={Kumar, Muneesh and Devi , Sangeeta}, year={2017}, month={Dec.}, pages={71–73} }