New Initiative on Social Return to R&D Investment

Investments in research, development, and innovation are widely recognized as key drivers of long-term economic growth but estimates of the social rate of return on these investments vary substantially. To encourage research on this topic, sometimes called "The Griliches Question," the NBER has launched a five-year project that will be organized around the creation of a pop-up journal devoted to this issue. The project will be led by NBER affiliates Craig Garthwaite (Northwestern University) and Timothy Simcoe (Boston University). A steering committee of leading scholars and policy experts will help guide the project, which will host an annual research conference showcasing new findings on this topic. The project is supported by Coefficient Giving and the Alfred P. Sloan Foundation.