What is the economic rationale for investing in science? Based on an open economy model of creative destruction, we characterize four key factors of optimal investment in basic research: the stage of economic development, the strength of the manufacturing base, the degree of openness, and the share of foreign‐owned firms. For each of these factors, we analyze its bearings on optimal basic research investment. We then show that the predicted effects are consistent with patterns observed in the data and discuss how the factor‐based approach might inform basic research policies. (JEL H41, O30, O32, O33, O38)

中文翻译：

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科学中公共投入的宏观经济合理性

投资科学的经济原理是什么？基于创造性破坏的开放经济模型，我们描述了基础研究中最佳投资的四个关键因素：经济发展阶段，制造基地的实力，开放程度和外资企业的份额。对于这些因素中的每一个，我们都会分析其对最佳基础研究投资的影响。然后，我们证明预测的效果与数据中观察到的模式一致，并讨论了基于因子的方法如何为基础研究政策提供信息。（ JEL H41，O30，O32，O33，O38）