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Project Citation: 

Bloom, Nicholas, Van Reenen, John, and Williams, Heidi. Replication data for: A Toolkit of Policies to Promote Innovation. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07.

Project Description

Summary:  View help for Summary Economic theory suggests that market economies are likely to underprovide innovation because of the public good nature of knowledge. Empirical evidence from the United States and other advanced economies supports this idea. We summarize the pros and cons of different policy instruments for promoting innovation and provide a basic "toolkit" describing which policies are most effective according to our reading of the evidence. In the short run, R&D tax credits and direct public funding seem the most productive, but in the longer run, increasing the supply of human capital (for example, relaxing immigration rules or expanding university STEM admissions) is likely more effective.

Scope of Project

JEL Classification:  View help for JEL Classification
      H41 Public Goods
      I23 Higher Education; Research Institutions
      O31 Innovation and Invention: Processes and Incentives
      O38 Technological Change: Government Policy

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