Day By Day

Thursday, April 30, 2009

Goolsbee on Government Research Grants

Greg Mankiew points to a devastating comment by Presidential Science Advisor, Austan Goolsbee, on the efficacy of government funded R&D.

Basically, government attempts to stimulate research by throwing money at researchers is counter-productive. The money does little more than enrich the researchers and actually crowds out private research.

Read it here.