Abstract
Scientific research is a difficult investment to measure. On the one hand, many developing countries around the world use scientific research as a mean to improve their economy and has found way to reduce their dependency on their natural resources. On the other, scientific research is an expensive endeavor. In this paper, we look at the different factors impacting scientific research and consider the relationship between governments and researchers, the impact of businesses on basic research funding, and the methods through which the performance scientific research is measured. This paper also considers the impact of scientific research funding measures on researchers’ careers and briefly discuss the common public research funding mechanisms around the world. We also discuss knowledge-based economy and Solow’s theory of economic growth and its later development made by Romer and some the elements that are not addressed by them. In this review, we have considered developing economies and the difficulties they face in moving away from their dependence on their natural resources towards become economies dependent on producing knowledge and implementing this knowledge into their business practices. This paper takes a closer look at the state of Qatar since it is a developing country trying to move away from its economy’s dependence on fossil fuel production to a knowledge-based economy.
Highlights
Human curiosity has always been a driver of our race’s prosperity
In addition to good educational systems which is reflected in the private schools in Qatar and Education City branch campuses, the healthcare system in Qatar needs to provide quality that is on par of that offered in the West. This issue is reflected by the Qatar National Research Strategy (QNRS) and the National Health Strategy (NHS) [25]
The impact of scientific research on economies can be demonstrated by looking at the performance of knowledge-based economies in the west
Summary
Human curiosity has always been a driver of our race’s prosperity. as humanity’s prosperity increased so have our needs. Despite the admirable accomplishments of science today, political leaders find it difficult to justify the need for scientific research This came as a result of the low success rate of small innovative companies in favor of larger companies with large scale production [1]. To better understand the role of research in economy, it is important to discuss Solow’s theory of economic growth In this theory, the macroeconomic setting includes four key components: (a) resources constraint related to the GDP whereby “the output is allocated to different uses” such as consumption and investment, (b) a production function that describes how output is produced from capital and labor, (c) the equation describing the accumulation of capital and labor and (d) a specification of how much GDP (output) is used towards investment. Untargeted basic medical research provides the data necessary for designing experiments that tests cures for the diseases which humanity suffers from today [5]
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