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Jim Rose
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Pete,on "studies show that average returns to the economy from government research projects are actually higher than those from private-sector projects – especially because the government invests more heavily in important basic research", Sinclair Davidson dug out this: In 2003, the OECD published an official report into ‘The Sources of Economic Growth in OECD Countries’. As part of that analysis the OECD investigates the impact of R&D on economic growth. Specifically, they disaggregate R&D into a private and public component. As expected there is a positive and statistically significant relationship between overall R&D and economic growth, and also between private R&D and economic growth. In contrast to the usual assumption... there is a statistically significant negative relationship between public R&D and economic growth.
Pete, Richard Epstein wrote in a very nice obituary where he talked about how Rawls' theory of Justice became rather libertarian if Rawls had taken into account more realistic views of how human institutions worked. This obituary was in the National Review, but it doesn't appear to be online any more. I can't find it.
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Apr 22, 2014