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Posted by: Michael Mandel on May 09
Americans are often accused of being too focused on consuming today, and not enough on investing for tomorrow.
That’s wrong, according to the latest numbers from the National Science Foundation. U.S. spending on basic research—the stuff with a payoff way in the future—stands at 0.5% of GDP, the highest on record, as of 2003 (the last numbers available). That’s up from an average of 0.42% in the 1990s, and an average of 0.36% in the 1980s, an average of 0.31% in the 1970s.
This is the ‘seed corn’ that economists are so fond of talking about. It’s being planted for the future, not eaten.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.