Description: In Public Goods, Public Gains, Link and Scott discuss and apply in case studies the systematic application of alternative evaluation methods to estimate the social benefits of publicly-financed research and development (R&D). The authors argue that economic theory should be the guiding criterion for any method of program evaluation because it focuses attention on the value and the opportunity costs of the program.
Review Quotes: "Public support of R&D has played a vital role in U.S. economic growth but, at the same time, there is always the danger of wasting money by supporting bad projects. Link and Scott are two of the premier economists in the field, and in their superb book they lay out the approach needed to decide if and how public support should be provided. Globally, there is increasing public support for R&D and the U.S. should respond to the competitive pressure, but only by doing it right. Link and Scott tell us how." --Martin Neil Baily, Bernard L. Schwartz Chair, The Brookings Institution, former Chairman of the Council of Economic Advisers
"Publicly-funded R&D is generally regarded to be an important source of economic growth. Unfortunately, it has always been difficult to precisely estimate the social returns to these investments, i.e., the benefits that accrue to society from publicly-funded innovation. In this path-breaking book, the authors identify and make use of sophisticated economic and non-economic methods to carefully evaluate the social returns to publicly-funded R&D. Given the growing importance of innovation in the global economy, the usefulness of this timely and important book to academics and policymakers will not diminish over time." --Donald S. Siegel, Dean and Professor, School of Business, University at Albany, SUNY