Richard R. Nelson reflects on his early work and Arrow's contributions to the economics of basic scientific research, noting their influence on science and technology policy discussions over the past forty years. He highlights two key developments: the recognition of technological advance as an evolutionary process and the broader range of institutions involved beyond traditional market mechanisms. He then discusses contemporary issues, particularly intellectual property, and the institutional division of labor in research and development. Nelson argues that the question of what should be private and public in science and technology requires explicit consideration of funding mechanisms and the roles of institutions, especially universities. Nelson discusses the challenges of patenting science, noting that many scientific discoveries are patentable under current laws, leading to issues of access and competition. He argues that patents on scientific research can hinder progress by restricting access to knowledge. He also examines the role of universities in R&D, emphasizing their importance in advancing technology and solving practical problems. He critiques the Bayh-Dole Act, which allows universities to patent federally funded research, arguing that it can lead to excessive patenting and restrict access to scientific knowledge. Nelson suggests reforms to make it harder for universities to patent, except in exceptional cases, and to establish a presumption that university research results should be freely available to all. He concludes that universities should focus on the advancement and dissemination of knowledge rather than commercial enterprise.Richard R. Nelson reflects on his early work and Arrow's contributions to the economics of basic scientific research, noting their influence on science and technology policy discussions over the past forty years. He highlights two key developments: the recognition of technological advance as an evolutionary process and the broader range of institutions involved beyond traditional market mechanisms. He then discusses contemporary issues, particularly intellectual property, and the institutional division of labor in research and development. Nelson argues that the question of what should be private and public in science and technology requires explicit consideration of funding mechanisms and the roles of institutions, especially universities. Nelson discusses the challenges of patenting science, noting that many scientific discoveries are patentable under current laws, leading to issues of access and competition. He argues that patents on scientific research can hinder progress by restricting access to knowledge. He also examines the role of universities in R&D, emphasizing their importance in advancing technology and solving practical problems. He critiques the Bayh-Dole Act, which allows universities to patent federally funded research, arguing that it can lead to excessive patenting and restrict access to scientific knowledge. Nelson suggests reforms to make it harder for universities to patent, except in exceptional cases, and to establish a presumption that university research results should be freely available to all. He concludes that universities should focus on the advancement and dissemination of knowledge rather than commercial enterprise.