Building a Knowledge EconomyAcademic R&D Supports High-Tech Employment

Universities play an important role in determining a region's capacity for innovation and to transform new ideas into economic activity. Not only do they educate the local workforcehuman capitalproduce intellectual property, but they also contribute indirectly through their basic research activ...

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Bibliographic Details
Published in:Policy File 2020
Main Authors: Lee, Joe, Ratnatunga, Minoli
Format: Report
Language:English
Subjects:
Education
Industry
Milken Institute
Online Access:Request full text
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Summary:Universities play an important role in determining a region's capacity for innovation and to transform new ideas into economic activity. Not only do they educate the local workforcehuman capitalproduce intellectual property, but they also contribute indirectly through their basic research activities. While not of immediate commercial value, these foundational research activities help create and advance industries in unpredictable ways. Understanding whether innovative industries in the high-tech sector benefit from academic research and development activity at regional institutions would be useful when assessing the tools available for technology-based economic development strategies. Our empirical analysis of the relationship between research activity and high-tech employment aims to inform policymakers interested in the long-term capability of U.S. regions to sustain an economic base in knowledge-based industries. To understand the connection between university research and regional economies, we focus on research spending at universities and its relationship to employment in the region's high-tech sector.