Abstract
The paper by Akino and Hayami is the latest to show high rates of social returns to research. (For earlier studies see Griliches, Peterson, Schmitz and Seckler, Ayer and Schuh.) Two possible reasons for estimating these historical returns are to compare returns to research with other forms of public or private expenditure and to compare returns to a particular line of research with other types of research.
Published Version
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