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Can basic research prevent economic stagnation?

Author

Listed:
  • Andreas Schibany

    (Institut für Höhere Studien — Institute for Advanced Studies, Austria. Address: Stumpergasse 56, 1060 Vienna, Austria)

  • Christian Reiner

    (Institut für Höhere Studien — Institute for Advanced Studies, Austria. Address: Stumpergasse 56, 1060 Vienna, Austria)

Abstract

Decreasing performance in innovation may lead to re-enforcement of economic stagnation in developed countries. Well-balanced development of projects aimed at finding answers to the ‘grand challenges’, in parallel to curiosity-driven research, could make notable contribution in preventing such a negative trend. Evidence from Austria shows the contradictions intrinsic to well-established innovation systems. The authors recommend re-adjusting mechanisms that foster career development in academia and creating organizations with sufficient administrative capacities and autonomy to attract qualified staff and funding.

Suggested Citation

  • Andreas Schibany & Christian Reiner, 2014. "Can basic research prevent economic stagnation?," Foresight-Russia Форсайт, CyberLeninka;Федеральное государственное автономное образовательное учреждение высшего образования «Национальный исследовательский университет «Высшая школа экономики», vol. 8(4 (eng)), pages 54-63.
    • Handle: RePEc:scn:013126:15723367
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    Keywords

    ‘European paradox’;

    JEL classification:

    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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