Abstract
Basic research can be defined as systematic inquiry that involves a quest for some fundamental scientific aspects of phenomena without any specific practical applications in mind. The pay-off of basic research is often uncertain and, once published, difficult to appropriate. Accordingly, the social returns to basic research exceed the private returns, rendering it a ‘public good’. Basic research results in contributions to the world stock of scientific knowledge. It ultimately supports long-term economic growth, increased productivity and subsequent practical applications on a global basis.
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Leih, S., Teece, D.J. (2016). Basic Research. In: Augier, M., Teece, D. (eds) The Palgrave Encyclopedia of Strategic Management. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-94848-2_332-1
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DOI: https://doi.org/10.1057/978-1-349-94848-2_332-1
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