Reflections on “The Simple Economics of Basic Scientific Research”: Looking Back and Looking Forwards

Reflections on “The Simple Economics of Basic Scientific Research”: Looking Back and Looking Forwards

August 2006 | Richard R. NELSON
Richard R. Nelson reflects on his early paper "The Simple Economics of Basic Scientific Research" and its influence on the discussion of science and technology policy over the past four decades. He highlights two significant intellectual developments: the recognition of technological advance as an evolutionary process and the understanding that the institutions involved include more than just market institutions. Nelson discusses the contemporary policy arena focusing on intellectual property, particularly the patenting of "science," and argues that the question of what should be private and what should be public in science and technology cannot be adequately explored without considering mechanisms of funding and the institutional division of labor in research and development (R&D). He emphasizes the role of universities in this system and suggests reforms to reduce the patenting of basic research findings to enable more open and collaborative progress. Nelson also addresses the institutional division of labor in R&D, advocating for a presumption that university research results should be freely available to all users, with exclusive licensing only necessary in exceptional cases.Richard R. Nelson reflects on his early paper "The Simple Economics of Basic Scientific Research" and its influence on the discussion of science and technology policy over the past four decades. He highlights two significant intellectual developments: the recognition of technological advance as an evolutionary process and the understanding that the institutions involved include more than just market institutions. Nelson discusses the contemporary policy arena focusing on intellectual property, particularly the patenting of "science," and argues that the question of what should be private and what should be public in science and technology cannot be adequately explored without considering mechanisms of funding and the institutional division of labor in research and development (R&D). He emphasizes the role of universities in this system and suggests reforms to reduce the patenting of basic research findings to enable more open and collaborative progress. Nelson also addresses the institutional division of labor in R&D, advocating for a presumption that university research results should be freely available to all users, with exclusive licensing only necessary in exceptional cases.
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