The Directions for Technological Change: Alternative Economic Majorities and Opportunity Costs

The Directions for Technological Change: Alternative Economic Majorities and Opportunity Costs Governments redirect R & D resources. Thegovernment supports R & D in technologies and in partsof the country that the private sector is unlikely tosupport, and the government provides funds forinexperienced businesses and for minority-ownedbusinesses when the private sector will not. Becausethe distribution of income and wealth is so unequal,our conventional methods of evaluating the socialusefulness of the redirection of the resources may notwork well. Redirection of R & D resources to meetSchumpeterian and Jeffersonian objectives may actuallybe efficient despite generating less economic surplusgiven the current distribution of income and wealth. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Industrial Organization Springer Journals

The Directions for Technological Change: Alternative Economic Majorities and Opportunity Costs

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2000 by Kluwer Academic Publishers
Subject
Economics; Industrial Organization; Microeconomics
ISSN
0889-938X
eISSN
1573-7160
D.O.I.
10.1023/A:1007875415472
Publisher site
See Article on Publisher Site

Abstract

Governments redirect R & D resources. Thegovernment supports R & D in technologies and in partsof the country that the private sector is unlikely tosupport, and the government provides funds forinexperienced businesses and for minority-ownedbusinesses when the private sector will not. Becausethe distribution of income and wealth is so unequal,our conventional methods of evaluating the socialusefulness of the redirection of the resources may notwork well. Redirection of R & D resources to meetSchumpeterian and Jeffersonian objectives may actuallybe efficient despite generating less economic surplusgiven the current distribution of income and wealth.

Journal

Review of Industrial OrganizationSpringer Journals

Published: Oct 16, 2004

References

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