Abstract
This chapter examines the economic returns to funding scientific research. The Bank of Boston did an analysis of the economic impact of scientific research on the local economy. Boston has eight major research universities: Harvard, MIT, Boston University, Boston College, Brandeis, Northeastern, U-Mass Boston, and Tufts. These eight universities employed 51,000 people and provided indirect employment for 37,000, not counting those workers employed by the university hospitals, themselves massive employers. Every year, 32,000 students graduated from these eight universities, many of whom remained in the local economy. Each year, the universities produced over 250 patents, over 280 commercial licenses, and roughly forty start-ups. Altogether, the universities contributed $7.4 billion to the regional economy. To pay for this, the federal government provided $1.5 billion in research contracts and grants. This is a 393 percent rate of return on the federal government's investment.
Published Version
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
