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Knowledge, Technology & Policy

, Volume 13, Issue 4, pp 37–48 | Cite as

A critique of science and R&D-based models of endogenous growth

  • Terence Kealey
  • Omar Al-Ubaydli
Articles

Conclusion

We have argued against the conventional treatment of science from two directions: firstly, we show that its assumptions about the mechanics of technology transfer are at odds with what occurs in practice. Secondly, the predictions of models based on conventional assumptions receive little support empirically, and are on some occasions contradicted by the data. We believe that the weaknesses we have discussed prompt a re-analysis of science as the workings of invisible colleges. Moreover, we note that there appears, at present, to be no empirical or sound theoretical reason to suppose that, for reasons of economic growth, governments need fund science.

Keywords

Human Capital Endogenous Growth Academic Science Technological Spillover Pure Science 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag 2001

Authors and Affiliations

  • Terence Kealey
    • 1
    • 2
  • Omar Al-Ubaydli
    • 3
  1. 1.Oxford UniversityUK
  2. 2.Buckingham UniversityBuckinghamU.K.
  3. 3.the Department of Clinical BiochemistryUniversity of Cambridge, and a member of Queens’ CollegeCambridge

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