How Much Science? The 5 Ws (and 1 H) of Investing in Basic Research

Abstract

The aim of this paper is to identify possibilities for guiding policy in the area of basic research. We provide an extended review of basic research and offer new insights on its linkages to key economic variables and economic growth. After defining what basic research is, we identify and discuss a series of emerging policy issues by asking why we should invest in basic research, who should invest how much in basic research and when, over the course of a country’s development? We finally address the question where investments in basic research should be targeted. Moreover, we explain why many pressing issues regarding basic research policy deserve to be explored further.