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The Economics of Crisis Innovation Policy: A Historical Perspective

Publication ,  Conference
Gross, DP; Sampat, BN
Published in: AEA Papers and Proceedings
May 1, 2021

Since the beginning of the COVID-19 pandemic, policymakers, researchers, and journalists have made comparisons to World War II. In 1940, a group of top US science administrators organized a major coordinated research effort to support the Allied war effort, including significant investments in medical research that yielded innovations like mass-produced penicillin, antimalarials, and a flu vaccine. We draw on this episode to discuss the economics of crisis innovation. Since the objectives of crisis R&D are different than ordinary R&D, we argue that appropriate R&D policy in a crisis requires going beyond the standard Nelson-Arrow framework for research policy.

Duke Scholars

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Published In

AEA Papers and Proceedings

DOI

EISSN

2574-0776

ISSN

2574-0768

Publication Date

May 1, 2021

Volume

111

Start / End Page

346 / 350

Publisher

American Economic Association
 

Citation

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Chicago
ICMJE
MLA
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Gross, D. P., & Sampat, B. N. (2021). The Economics of Crisis Innovation Policy: A Historical Perspective. In AEA Papers and Proceedings (Vol. 111, pp. 346–350). American Economic Association. https://doi.org/10.1257/pandp.20211106
Gross, Daniel P., and Bhaven N. Sampat. “The Economics of Crisis Innovation Policy: A Historical Perspective.” In AEA Papers and Proceedings, 111:346–50. American Economic Association, 2021. https://doi.org/10.1257/pandp.20211106.
Gross DP, Sampat BN. The Economics of Crisis Innovation Policy: A Historical Perspective. In: AEA Papers and Proceedings. American Economic Association; 2021. p. 346–50.
Gross, Daniel P., and Bhaven N. Sampat. “The Economics of Crisis Innovation Policy: A Historical Perspective.” AEA Papers and Proceedings, vol. 111, American Economic Association, 2021, pp. 346–50. Crossref, doi:10.1257/pandp.20211106.
Gross DP, Sampat BN. The Economics of Crisis Innovation Policy: A Historical Perspective. AEA Papers and Proceedings. American Economic Association; 2021. p. 346–350.

Published In

AEA Papers and Proceedings

DOI

EISSN

2574-0776

ISSN

2574-0768

Publication Date

May 1, 2021

Volume

111

Start / End Page

346 / 350

Publisher

American Economic Association