I can't agree with this article. It is very thoughtful, and looks very thoroughly to verify (or refute) a very specific thesis. However, it is manifestly causal-ly false to assert that pure scientific advances do not affect the real economy. Where would we be, economically, without silicon chips and laser beams? In a very different place.
Does academic research cause economic growth?
21–30 of 34 posts
Re: Does academic research cause economic growth?
#22Remember that Google began with academic research in mining data from the web. Google created billions of dollars of value and thousands of jobs around the globe. That certainly contributed to economic growth.
Re: Does academic research cause economic growth?
#23Just a minor nitpick but I believe it should be "disclosure" instead of "disclaimer" at the end of the article. Interesting read nonetheless.
Re: Does academic research cause economic growth?
#24It's very important to remember that government research money is taken from the citizens, who otherwise would allocate it in accordance with their preferences. Taxes in the US are actually very high, plus the government takes a lot of money via inflation of the money supply. It seems likely to me that government-funded research is a "local maximum." If we were to massively shift the backbone of the economy from cons…
Taxes are not very high in the US. We have about 26.9% total tax revenue (which I will abbreviate TTR. TTR is measured as a percentage of GDP)[0][1]. I hate seeing this statement thrown out as if it is fact. We have very low taxes comparatively, especially given our status as a highly developed and competitive economy. We are #7 on the Global Competitive Index, behind Switzerland (29.4% TTR), Singapore (14.2% TTR), F…
Those who think taxes are high in the states have simply never lived outside of the states.
Re: Does academic research cause economic growth?
#25This is weirdly the exception to the HN rule - if a title is a question the answer is no. In this case it's a full-on, dumb-as-shit hell yes. Describe the world that did not have the useless work of that weird academic Isaac Newton - I mean he never even taught students except three times. Talk about failing to contribute.
I must stop winding up my sarcasm chip - just unbelievably stupid article.
Re: Does academic research cause economic growth?
#26[deleted]
Re: Does academic research cause economic growth?
#27I do not believe that the U.S. government should fund translational research. I firmly believe that private enterprise will be able to efficiently make immediate use of any important scientific breakthroughs or discoveries. Instead, I believe that the government should pore funding into basic science research. I completely disagree with the Author's implicit assertion that the U.S. government should spend less money…
One of the most naive statements I have ever heard on HN: "I firmly believe that private enterprise will be able to efficiently make immediate use of any important scientific breakthroughs or discoveries."
The reality is that companies don't do anything with academic discoveries until they are shovel-ready. Translational research is critical and horribly underfunded.
Re: Does academic research cause economic growth?
#28I do not believe that the U.S. government should fund translational research. I firmly believe that private enterprise will be able to efficiently make immediate use of any important scientific breakthroughs or discoveries. Instead, I believe that the government should pore funding into basic science research. I completely disagree with the Author's implicit assertion that the U.S. government should spend less money…
One of the most naive statements I have ever heard on HN: "I firmly believe that private enterprise will be able to efficiently make immediate use of any important scientific breakthroughs or discoveries." The reality is that companies don't do anything with academic discoveries until they are shovel-ready. Translational research is critical and horribly underfunded.
Well, it's industry-dependent. The pharmaceutical industry spends plenty on internal research; they fund some academic research; and there's a revolving door between academia and private industry.
Most industries aren't like this, of course; I doubt my barber or my accountant have much use for academic research output.
Re: Does academic research cause economic growth?
#29Earlier quoted context omitted.
Taxes are not very high in the US. We have about 26.9% total tax revenue (which I will abbreviate TTR. TTR is measured as a percentage of GDP)[0][1]. I hate seeing this statement thrown out as if it is fact. We have very low taxes comparatively, especially given our status as a highly developed and competitive economy. We are #7 on the Global Competitive Index, behind Switzerland (29.4% TTR), Singapore (14.2% TTR), F…
Those who think taxes are high in the states have simply never lived outside of the states.
I'm so sick of online American-bashing, which is a fad. Please stop. Where someone has lived has nothing to do with it whatsoever.
27% of the entire economy shifted entirely to government consumption? That's a humongous amount of the economy. It's almost 1/3.
Re: Does academic research cause economic growth?
#30Earlier quoted context omitted.
Those who think taxes are high in the states have simply never lived outside of the states.
I'm so sick of online American-bashing, which is a fad. Please stop. Where someone has lived has nothing to do with it whatsoever. 27% of the entire economy shifted entirely to government consumption? That's a humongous amount of the economy. It's almost 1/3.
I'm not bashing America, I'm even American. I just get so tired of those of us who complain about paying so much taxes and so much for gas for our SUVs and so much rent for our McMansions. And here I am living in a country where I can't even buy a car, live in a small apartment, and pay 40% income tax, and a pair of jeans sets me back 800RMB. And you know what...it's not the end of the world, it works out.
And...our government consumes less than 1/3rd of the GDP when social spending in other developed countries is at 1/2 or more! Libertarians would have us be like Somalia.