On Thursday, March 3, the Innovation Frontier Project at the Progressive Policy Institute hosted a virtual panel discussion for policymakers, staffers, and journalists titled “How the U.S. Can Better Compete Globally on R&D.”
Between the pandemic, supply chain snarls, and an increased economic competition with China, there is a growing recognition of the role that R&D plays in solving today’s pressing issues and building tomorrow’s economy. Our expert panel discussed how reforms to government procurement can boost R&D spending by U.S. corporations and how the U.S. can focus on manufacturing complex goods to better compete in the global economy.
This panel discussion was moderated by PPI’s Vice President and Chief Economist, Michael Mandel, and included the following experts:
Sharon Belenzon, Professor, Faqua School of Business, Duke University
Ashish Arora, Rex D. Adams Professor of Business Administration, Faqua School of Business, Duke University
Keith Belton, Senior Director of Policy Analysis, American Chemistry Council
“We need a new social compact to revitalize corporate research,” said Dr. Arora during the event.
“And this is the fundamental point that corporate research is different from university research. It’s different from what startups do. Corporate research is large scale, it’s mission-oriented, multidisciplinary, and has a broad scope. This cannot easily be replicated by other components of the U.S. innovation ecosystem,” Dr. Arora continued.
“Not all corporations that are large and have market power should be treated the same. Companies that are investing in the long-term national interest should be shown greater deference and forbearance. This would be another example of what I mean by how policymakers can support these sorts of investments,” added Dr. Arora.
“To achieve our short term and long term progressive goals, we need to focus policy on accelerating scientific advancement, and technological improvements,” said Dr. Mandel.
“By choosing the problems the government seeks to solve, the government also shapes how much upstream R&D corporations do,” Dr. Belenzon noted during the panel discussion.
“[The government should] incentivize companies to devote their essential resources to work on problems that are important for advancing quality and knowledge,” Dr. Belenzon added.
“[We need to] expand the frontier of knowhow for the United States, and that involves not just R&D but where we make things and how we make things. USICA and the COMPETES Act are a good start,” said Dr. Belton.
Watch the full event here:
Based in Washington, D.C., and housed in the Progressive Policy Institute, the Innovation Frontier Project explores the role of public policy in science, technology and innovation. The project is managed by Jack Karsten. Learn more by visiting innovationfrontier.org.
The Progressive Policy Institute (PPI) is a catalyst for policy innovation and political reform based in Washington, D.C. Its mission is to create radically pragmatic ideas for moving America beyond ideological and partisan deadlock. Learn more about PPI by visiting progressivepolicy.org.
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Media Contact: Aaron White – awhite@ppionline.org
