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John J. Wetter ()
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John J. Wetter: University of Maryland

Chapter Chapter 2 in The Impacts of Research and Development Expenditures, 2011, pp 9-62 from Springer

Abstract: Abstract Over the last half-century, the technology revolution has replaced the industrial revolution as the source of comparative and competitive strength for the US economy. This is a paradigm shift of immense proportion. Product manufacturing know-how, once the premier domain of US firms, now competes globally with strong international rivals. Knowledge, in the form of science and technology, is viewed as the key driver of future economic power. Firms that understand these concepts will grow and succeed. Nations that support these concepts through effective policy will enable their economies to prosper.

Keywords: Foreign Direct Investment; Gross Domestic Product; Total Factor Productivity; Technical Change; Tacit Knowledge (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:innchp:978-1-4419-7530-0_2

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DOI: 10.1007/978-1-4419-7530-0_2

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