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Overcoming Bias Commenter's avatar

From a Wired magazine interview/article on the great growth economist Paul Romer:

“At the same time, he [Romer] believes it's vital that government supports basic research, the birthplace of ideas.

Romer suggests concentrating funds on universities, both to stimulate basic research and to create cadres of highly educated people who will fan out into the economy and generate new technologies.”

At: http://www.wired.com/wired/...

I also really like this quote from Romer, "There is a real world out there, and I want to get the right answers."

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Overcoming Bias Commenter's avatar

"In fact, academic research contributes little to overall economic innovation and growth."

Do you mean for a specific country, as opposed to the world, given the difficulty of charging for its use?

Otherwise, it would be hard understand how we could have advanced so much and so fast in wealth and health without basic scientific research. Computers and DNA work crucially depend on basic work in physics and mathematics. And economics, although flawed and wasteful, has contributed nonetheless greatly to efficiency and advancement over the last two-hundred-fifty years, with the work of Smith, Ricardo, Keynes, Solow,

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