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Allocating the research budget
Author(s) -
Scott Alex
Publication year - 1986
Publication title -
acta psychiatrica scandinavica
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.849
H-Index - 146
eISSN - 1600-0447
pISSN - 0001-690X
DOI - 10.1111/j.1600-0447.1986.tb07721.x
Subject(s) - government (linguistics) , value (mathematics) , economic interventionism , public economics , market failure , intervention (counseling) , process (computing) , government failure , resource allocation , economics , business , microeconomics , political science , psychology , computer science , psychiatry , market economy , philosophy , linguistics , machine learning , politics , law , operating system
There is a substantial economic literature on the allocation of R&D resorces. This paper reviews the relevant parts of this literature, paying particular attention to those studies which have estimated the social value of research. An important issue is whther government should allocate research resources, since the market may be able to do so; the potential reasons for market failure are reviewed, together with the case for government intervention in the market for research. Finally, the contribution which economic concepts can make to the decision making process is reviewed.