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From local to global: A theory of public basic research in a globalized world

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  • Gersbach, Hans
  • Schetter, Ulrich
  • Schmassmann, Samuel

Abstract

We analyze public basic research in a multi-country, multi-industry environment with international trade. Basic research generates ideas, which firms take up in applied research to develop new varieties. A country’s specialization in international trade thus determines which ideas can be commercialized domestically. We demonstrate that the equilibrium is consistent with key empirical patterns. We then show that national investments may cause inefficiencies along three dimensions: (1) There is typically too little total investment in basic research. (2) Basic research is too heavily concentrated in industrialized countries. (3) Basic research may not be sufficiently directed to support innovation in complex, high-tech industries. These inefficiencies can rationalize international coordination of basic research investments or support policies such as the Bayh–Dole Act.

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  • Gersbach, Hans & Schetter, Ulrich & Schmassmann, Samuel, 2023. "From local to global: A theory of public basic research in a globalized world," European Economic Review, Elsevier, vol. 160(C).
    • Handle: RePEc:eee:eecrev:v:160:y:2023:i:c:s0014292123001599
    DOI: 10.1016/j.euroecorev.2023.104530
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    Keywords

    Applied research; Basic research; Economic complexity; Economic growth; International trade; Knowledge spillover; Optimal policy; Product complexity;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • H40 - Public Economics - - Publicly Provided Goods - - - General
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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