The Key Concepts in economics - Assignment Example

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The rapid economic growth in developed world over the last century has largely been attributed to increased spending in the research and development (R&D) domain. However, a decline in trend of R&D funding as a proportion of GDP has been observed in the United States, especially…
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The Key Concepts in economics
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Download file to see previous pages The main points included in the article (Porter, 2015a) are;
4. The innovation through government and corporate funded R&D have generated large revenue streams. However, the beneficiary organizations have not shared the funding bodies in profits and reinvestment in R&D has been limited.
5. Since corporations are moving away from research spending, they tend to buy innovative start-ups from small businesses. Scientists and universities have also been encouraged to commercialize innovation funded by taxpayer’s money (Porter, 2015a).
Investment in R&D sector powers technological innovation, which helps to optimize the use of existing resources and capabilities, creates jobs and improves living standards. It enables sustainable economic growth provided that there are constant returns to the R&D sector. Innovation through research and development therefore has a positive correlation with per capita GDP in both the developing and developed worlds. However, it has been found that large markets encourage innovation through R&D, while the rest benefit from their knowledge stock and spill-over (Ulku, 2004). This allows emerging markets to grow faster by embracing existing technologies, while developed markets experience periods of stagnation due to foreign competition and limited funding directed towards R&D. The ever increasing restrictions on economic activities, such as environmental protection regulations, in the developed world also slows down the progress in terms of GDP. However, aside from poor regulations which can lead to additional costs in R&D, many regulations are aimed at social welfare initiatives usually not captured in the GDP measurements. Thus, the GDP growth figures in such contexts can often be misleading (The Economist, 2013a). The innovation driven boom and bust may remain invisible in GDP measurements and sometimes even reveals its shrinking. For instance, the spending of a person on telephone calls ...Download file to see next pagesRead More
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