Joshua Graff-Zivin on the Influence of Science on Economies
The Production of Scientific Ideas
09/20/2012
Pierre Azoulay and Joshua Graff Zivin,
The National Bureau of Economic Research
There is considerable evidence that the advancement of science influences productivity in the private sector of the economy. Thus, policymakers typically believe that public investments in science are important for long-run economic growth. But how do new scientific ideas come about? Apocryphal stories of Archimedes’ eureka moment, or Newton’s otherworldly contemplation interrupted by the fall of an apple, would have us believe that luck is an essential feature. Of course, if luck is all that is necessary to produce breakthroughs, then there is little room for scholarship on the subject. If, on the other hand, scientific knowledge production depends upon individuals, institutions, and incentives, then economic research should play an important role in increasing our understanding in this area.
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Joshua Graff Zivin is Associate Professor of International Relations and Pacific Studies and Affiliated Faculty of Economics. He is also a Research Associate at the National Bureau of Economic Research (NBER) and Research Director for International Environmental and Health Studies at the Institute for Global Conflict and Cooperation (IGCC).
