Our technology industries have enormous gaps. That requires the right kind of public-private partnerships, in addition to just publicly funded research. We not only conceived, but also manufactured, the key technologies of the modern age: computers, semiconductor chips, lasers, imagers, displays, data-storage devices and software. economy the wonder of the world during the Digital Revolution was our ability to rapidly move the results of innovation into the marketplace. economy much good if offshore manufacturers are the first to exploit the ideas that first emerge from university labs. Innovations that turn into new products, new industries or better weapons require private companies to turn research results into tangible products. The Biden plan would drain resources from the private sector, which is the main source of practical innovation.īut patents by themselves don't improve productivity or strengthen our defense. Universities, by contrast, accounted for only 4 percent of the total, and government laboratories just 1 percent. patents in 2016, and individuals comprised an additional 9 percent.
Private companies obtained 85 percent of all U.S. The private sector produces the overwhelming majority of new concepts and, more critically, turns them into added value. Meanwhile, Biden's proposed corporate tax hike will cut corporate R&D budgets, shifting R&D away from the private sector and toward universities and national laboratories. A suggested $50 billion funding boost for the National Science Foundation spread over several years represents roughly a tenth of what U.S. The Biden administration's proposed subsidies for R&D won't by themselves do much to improve American competitiveness.
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