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The benefits of productivity growth are normed to the size of the economy, so the relevant comparison is R&D spending as a percentage of GDP to productivity gro
by woopwoop 8y ago
The benefits of productivity growth are normed to the size of the economy, so the relevant comparison is R&D spending as a percentage of GDP to productivity growth. As fas as I know, R&D spending as a percentage of GDP has been relatively flat for a long time. See [1] for data for a bunch of countries going back to 1996. So this is much less dramatic than the claims of, e.g., 50x growth in spending on scientific research that he mentions in the podcast.
[1] https://data.worldbank.org/indicator/GB.XPD.RSDV.GD.ZS https://data.worldbank.org/indicator/GB.XPD.RSDV.GD.ZS