voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2019-10-5-31voprecotest-2446Research ArticleЭКОНОМИЧЕСКАЯ ПОЛИТИКАECONOMIC POLICYПолитика поддержки инноваций: набор инструментовA toolkit of policies to promote innovationБлумН.BloomNicholas

Николас Блум, профессор экономики Стэнфордского университета

nbloom@stanford.eduВан РеененЙ.Van ReenenJohn

Йон Ван Реенен, профессор менеджмента и экономики Массачусетского технологического института

vanreene@mit.eduУильямсХ.WilliamsHeidi

Хайди Уильямс, профессор экономики Стэнфордского университета

hlwill@stanford.eduСтэнфордский университет (Стэнфорд, Калифорния); Национальное бюро экономических исследований (Кембридж, Массачусетс)Соединённые Штаты АмерикиStanford University (Stanford, CA); National Bureau of Economic Research (Cambridge, MA)United StatesМассачусетский технологический институт (Кембридж, Массачусетс); Национальное бюро экономических исследований (Кембридж, Массачусетс)Соединённые Штаты АмерикиMassachusetts Institute of Technology (Cambridge, MA); National Bureau of Economic Research (Cambridge, MA)United States201908102019010531Copyright © Voprosy Ekonomiki, NP, 20192019Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2446

Экономическая теория предполагает, что в рыночной экономике инновации, скорее всего, будут недооцениваться, поскольку знания представляют собой общественное благо. Эмпирические данные по США и другим развитым странам подтверждают эту идею. Проанализированы преимущества и недостатки различных политических инструментов для продвижения инноваций и предоставлен базовый «инструментарий», описывающий наиболее эффективную политику в соответствии с этими данными. В краткосрочной перспективе налоговые льготы на НИОКР и прямое государственное финансирование представляются наиболее продуктивными, однако в долгосрочной перспективе более эффективно увеличивать предложение человеческого капитала, например, смягчать иммиграционные правила или расширять прием в университеты в рамках специальностей STEM.

Economic theory suggests that market economies are likely to underprovide innovation because of the public good nature of knowledge. Empirical evidence from the United States and other advanced economies supports this idea. We summarize the pros and cons of different policy instruments for promoting innovation and provide a basic “toolkit” describing which policies are most effective according to our reading of the evidence. In the short run, R&D tax credits and direct public funding seem the most productive, but in the longer run, increasing the supply of human capital (for example, relaxing immigration rules or expanding university STEM admissions) is likely more effective.

инновацииНИОКРтехнологические изменениягосударственная политикаinnovationR&Dtechnological changepublic policiesАвторы выражают благодарность редакторам (Т. Тейлору, Э. Моретти и Г. Хэнсону), а также Б. Холлу, Б. Джонсу, Дж. Лернеру, П. Мозер и Дж. Потерба за полезные замечания при подготовке настоящей статьи. Исследование, о котором говорится в настоящей публикации, проводилось частично при поддержке Фонда Слоуна, Фонда Смита Ричардсона, Schmitt Sciences, Совета по экономическим и социальным исследованиям и Национального института по проблемам старения и Канцелярии директора Общего фонда Национальных институтов здравоохранения в рамках гранта № U01-AG046708, выделенного Национальному бюро экономических исследований; содержание статьи отражает мнение авторов и не представляет собой официальную позицию Национальных институтов здравоохранения или Национального бюро экономических исследований.ReferencesAbrams D., Akcigit U., Grennan J. (2018). Patent value and citations: Creative destruction or strategic disruption? Institute for Law and Economics Research Paper, No. 13-23. University of Pennsylvania.Abrams D., Akcigit U., Grennan J. (2018). Patent value and citations: Creative destruction or strategic disruption? Institute for Law and Economics Research Paper, No. 13-23. University of Pennsylvania.Acemoglu D., Aghion Ph., Bursztyn L., Hemous D. (2012). The environment and directed technical change. American Economic Review, Vol. 102, No. 1, pp. 131—166. https://doi.org/10.1257/aer.102.1.131Acemoglu D., Aghion Ph., Bursztyn L., Hemous D. (2012). The environment and directed technical change. American Economic Review, Vol. 102, No. 1, pp. 131—166. https://doi.org/10.1257/aer.102.1.131Aghion Ph., Bergeaud A., Lequien M., Melitz M. J. (2018). The impact of exports on innovation: Theory and evidence. NBER Working Paper, No. 24600. https://doi.org/10.3386/w24600Aghion Ph., Bergeaud A., Lequien M., Melitz M. J. (2018). The impact of exports on innovation: Theory and evidence. NBER Working Paper, No. 24600. https://doi.org/10.3386/w24600Aghion Ph., Bloom N., Blundell R., Griffith R., Howitt P. (2005). Competition and innovation: An inverted-U relationship? Quarterly Journal of Economics, Vol. 120, No. 2, pp. 701—728. https://doi.org/10.1093/qje/120.2.701Aghion Ph., Bloom N., Blundell R., Griffith R., Howitt P. (2005). Competition and innovation: An inverted-U relationship? Quarterly Journal of Economics, Vol. 120, No. 2, pp. 701—728. https://doi.org/10.1093/qje/120.2.701Aghion Ph., Dechezleprêtre A., Hémous D., Martin R., Van Reenen J. (2016). Carbon taxes, path dependency, and directed technical change: Evidence from the auto industry. Journal of Political Economy, Vol. 124, No. 1, pp. 1—51. https://doi.org/10.3386/w18596Aghion Ph., Dechezleprêtre A., Hémous D., Martin R., Van Reenen J. (2016). Carbon taxes, path dependency, and directed technical change: Evidence from the auto industry. Journal of Political Economy, Vol. 124, No. 1, pp. 1—51. https://doi.org/10.3386/w18596Akcigit U., Baslandze S., Stantcheva S. (2016). Taxation and the international mobility of inventors. American Economic Review, Vol. 106, No. 10, pp. 2930—2981. https://doi.org/10.1257/aer.20150237Akcigit U., Baslandze S., Stantcheva S. (2016). Taxation and the international mobility of inventors. American Economic Review, Vol. 106, No. 10, pp. 2930—2981. https://doi.org/10.1257/aer.20150237Akcigit U., Grigsby J., Nicholas T., Stantcheva S. (2018). Taxation and innovation in the 20th century. NBER Working Paper, No. 24982. https://doi.org/10.3386/w24982Akcigit U., Grigsby J., Nicholas T., Stantcheva S. (2018). Taxation and innovation in the 20th century. NBER Working Paper, No. 24982. https://doi.org/10.3386/w24982Andrews M. (2019). How do institutions of higher education affect local invention? Evidence from the establishment of U.S. Colleges. Available at SSRN: https://ssrn.com/abstract=3072565Andrews M. (2019). How do institutions of higher education affect local invention? Evidence from the establishment of U.S. Colleges. Available at SSRN: https://ssrn.com/abstract=3072565Arrow K. (1962). Economic welfare and allocation of resources for invention. In: The rate and direction of inventive activity: Economic and social factors. Princeton, NJ: Princeton University Press, pp. 609—626.Arrow K. (1962). Economic welfare and allocation of resources for invention. In: The rate and direction of inventive activity: Economic and social factors. Princeton, NJ: Princeton University Press, pp. 609—626.Atkeson A., Burstein A. [Forthcoming]. Aggregate implications of innovation policy. Journal of Political Economy.Atkeson A., Burstein A. [Forthcoming]. Aggregate implications of innovation policy. Journal of Political Economy.Atkin D., Khandelwal A. K., Osman A. (2017). Exporting and firm performance: Evidence from a randomized experiment. Quarterly Journal of Economics, Vol. 132, No. 2, pp. 551—615. https://doi.org/10.1093/qje/qjx002Atkin D., Khandelwal A. K., Osman A. (2017). Exporting and firm performance: Evidence from a randomized experiment. Quarterly Journal of Economics, Vol. 132, No. 2, pp. 551—615. https://doi.org/10.1093/qje/qjx002Autor D., Dorn D., Hanson G. H., Pisano G., Shu P. (2016). Foreign competition and domestic innovation: Evidence from U.S. patents. NBER Working Paper, No. 22879. https://doi.org/10.3386/w22879Autor D., Dorn D., Hanson G. H., Pisano G., Shu P. (2016). Foreign competition and domestic innovation: Evidence from U.S. patents. NBER Working Paper, No. 22879. https://doi.org/10.3386/w22879Azoulay P., Fuchs E., Goldstein A. P., Kearney M. (2019). Funding breakthrough research: Promises and challenges of the ‘ARPA Model.’ In: J. Lerner, S. Stern (eds.). Innovation policy and the economy, Vol. 19. Chicago: University of Chicago Press, pp. 69—96.Azoulay P., Fuchs E., Goldstein A. P., Kearney M. (2019). Funding breakthrough research: Promises and challenges of the ‘ARPA Model.’ In: J. Lerner, S. Stern (eds.). Innovation policy and the economy, Vol. 19. Chicago: University of Chicago Press, pp. 69—96.Azoulay P., Graff Zivin J. S., Li D., Sampat B. N. (2019). Public R&D investments and private-sector patenting: Evidence from NIH funding rules. Review of Economic Studies, Vol. 86, No. 1, pp. 117—152. https://doi.org/10.3386/w20889Azoulay P., Graff Zivin J. S., Li D., Sampat B. N. (2019). Public R&D investments and private-sector patenting: Evidence from NIH funding rules. Review of Economic Studies, Vol. 86, No. 1, pp. 117—152. https://doi.org/10.3386/w20889Becker B. (2015). Public R&D policies and private R&D investment: A survey of the empirical evidence. Journal of Economic Surveys, Vol. 29, No. 5, pp. 917—942.Becker B. (2015). Public R&D policies and private R&D investment: A survey of the empirical evidence. Journal of Economic Surveys, Vol. 29, No. 5, pp. 917—942.Belenzon S., Schankerman M. (2013). Spreading the word: Geography, policy, and knowledge spillovers. Review of Economics and Statistics, Vol. 95, No. 3, pp. 884—903. https://doi.org/10.1162/rest_a_00334Belenzon S., Schankerman M. (2013). Spreading the word: Geography, policy, and knowledge spillovers. Review of Economics and Statistics, Vol. 95, No. 3, pp. 884—903. https://doi.org/10.1162/rest_a_00334Bell A., Chetty R., Jaravel X., Petkova N., Van Reenen J. (2019). Who becomes an inventor in America? The importance of exposure to innovation. Quarterly Journal of Economics, Vol. 134, No. 2, pp. 647—713. https://doi.org/10.1093/qje/qjy028Bell A., Chetty R., Jaravel X., Petkova N., Van Reenen J. (2019). Who becomes an inventor in America? The importance of exposure to innovation. Quarterly Journal of Economics, Vol. 134, No. 2, pp. 647—713. https://doi.org/10.1093/qje/qjy028Bernstein S., Diamond R., McQuade T. J., Pousada B. (2018). The contribution of highskilled immigrants to innovation in the United States. Stanford Graduate School of Business Working Paper, No. 3748.Bernstein S., Diamond R., McQuade T. J., Pousada B. (2018). The contribution of highskilled immigrants to innovation in the United States. Stanford Graduate School of Business Working Paper, No. 3748.Bianchi N., Giorcelli M. (2018). Reconstruction aid, public infrastructure, and economic development. Available at SSRN: https://ssrn.com/abstract=3153139Bianchi N., Giorcelli M. (2018). Reconstruction aid, public infrastructure, and economic development. Available at SSRN: https://ssrn.com/abstract=3153139Bloom N., Draca M., Van Reenen J. (2016). Trade induced technical change? The impact of Chinese imports on innovation, IT and productivity. Review of Economic Studies, Vol. 83, No. 1, pp. 87—117. https://doi.org/10.1093/restud/rdv039Bloom N., Draca M., Van Reenen J. (2016). Trade induced technical change? The impact of Chinese imports on innovation, IT and productivity. Review of Economic Studies, Vol. 83, No. 1, pp. 87—117. https://doi.org/10.1093/restud/rdv039Bloom N., Griffith R. (2001). The internationalisation of UK R&D. Fiscal Studies, Vol. 22, No. 3, pp. 337—355. https://doi.org/10.1111/j.1475-5890.2001.tb00045.xBloom N., Griffith R. (2001). The internationalisation of UK R&D. Fiscal Studies, Vol. 22, No. 3, pp. 337—355. https://doi.org/10.1111/j.1475-5890.2001.tb00045.xBloom N., Romer P., Terry S. J., Van Reenen J. (2019). Trapped factors and China’s impact on global growth. Unpublished manuscript, http://people.bu.edu/stephent/files/TF_MAIN_DOC.pdfBloom N., Romer P., Terry S. J., Van Reenen J. (2019). Trapped factors and China’s impact on global growth. Unpublished manuscript, http://people.bu.edu/stephent/files/TF_MAIN_DOC.pdfBloom N., Schankerman M., Van Reenen J. (2013). Identifying technology spillovers and product market rivalry. Econometrica, Vol. 81, No. 4, pp. 1347—1393. https://doi.org/10.3982/ECTA9466Bloom N., Schankerman M., Van Reenen J. (2013). Identifying technology spillovers and product market rivalry. Econometrica, Vol. 81, No. 4, pp. 1347—1393. https://doi.org/10.3982/ECTA9466Bloom N., Griffith R., Van Reenen J. (2002). Do R&D tax credits work? Evidence from a panel of countries 1979—1997. Journal of Public Economics, Vol. 85, No. 1, pp. 1—31. https://doi.org/10.1016/S0047-2727(01)00086-XBloom N., Griffith R., Van Reenen J. (2002). Do R&D tax credits work? Evidence from a panel of countries 1979—1997. Journal of Public Economics, Vol. 85, No. 1, pp. 1—31. https://doi.org/10.1016/S0047-2727(01)00086-XBlundell R., Griffith R., Van Reenen J. (1999). Market share, market value and innovation: Evidence from British manufacturing firms. Review of Economic Studies, Vol. 66, No. 3, pp. 529—554. https://doi.org/10.1111/1467-937X.00097Blundell R., Griffith R., Van Reenen J. (1999). Market share, market value and innovation: Evidence from British manufacturing firms. Review of Economic Studies, Vol. 66, No. 3, pp. 529—554. https://doi.org/10.1111/1467-937X.00097Boldrin M., Levine D. K. (2013). The case against patents. Journal of Economic Perspectives, Vol. 27, No. 1, pp. 3—22. https://doi.org/10.1257/jep.27.1.3Boldrin M., Levine D. K. (2013). The case against patents. Journal of Economic Perspectives, Vol. 27, No. 1, pp. 3—22. https://doi.org/10.1257/jep.27.1.3Bøler E. A., Moxnes A., Ulltveit-Moe K. H. (2015). R&D, international sourcing, and the joint impact on firm performance. American Economic Review, Vol. 105, No. 12, pp. 3704—3739. https://doi.org/10.1257/aer.20121530Bøler E. A., Moxnes A., Ulltveit-Moe K. H. (2015). R&D, international sourcing, and the joint impact on firm performance. American Economic Review, Vol. 105, No. 12, pp. 3704—3739. https://doi.org/10.1257/aer.20121530Borjas G. J., Doran K. B. (2012). The collapse of the Soviet Union and the productivity of American mathematicians. Quarterly Journal of Economics, Vol. 127, No. 3, pp. 1143—1203. https://doi.org/10.1093/qje/qjs015Borjas G. J., Doran K. B. (2012). The collapse of the Soviet Union and the productivity of American mathematicians. Quarterly Journal of Economics, Vol. 127, No. 3, pp. 1143—1203. https://doi.org/10.1093/qje/qjs015Chen Z., Liu Z., Suárez-Serrato J. C., Xu D. Y. (2019). Notching R&D investment with corporate income tax cuts in China. NBER Working Paper, No. 24749. https://doi.org/10.3386/w24749Chen Z., Liu Z., Suárez-Serrato J. C., Xu D. Y. (2019). Notching R&D investment with corporate income tax cuts in China. NBER Working Paper, No. 24749. https://doi.org/10.3386/w24749Choi J. (2019). How much do tax rates matter for the location of intellectual property. Unpublished manuscript.Choi J. (2019). How much do tax rates matter for the location of intellectual property. Unpublished manuscript.Cohen L., Gurun U., Kominers S. D. (2016). Shielded innovation. Available at SSRN: https://ssrn.com/abstract=2758841Cohen L., Gurun U., Kominers S. D. (2016). Shielded innovation. Available at SSRN: https://ssrn.com/abstract=2758841Comin D., Hobijn B. (2010). An exploration of technology diffusion. American Economic Review, Vol. 100, No. 5, pp. 2031—2059. https://doi.org/10.1257/aer.100.5.2031Comin D., Hobijn B. (2010). An exploration of technology diffusion. American Economic Review, Vol. 100, No. 5, pp. 2031—2059. https://doi.org/10.1257/aer.100.5.2031Criscuolo C., Martin R., Overman H. G., Van Reenen J. (2019). Some causal effects of an industrial policy. American Economic Review, Vol. 109, No. 1, pp. 48—85. https://doi.org/10.1257/aer.20160034Criscuolo C., Martin R., Overman H. G., Van Reenen J. (2019). Some causal effects of an industrial policy. American Economic Review, Vol. 109, No. 1, pp. 48—85. https://doi.org/10.1257/aer.20160034Dechezleprêtre A., Einiö E., Martin R., Nguyen K.-T., Van Reenen J. (2016). Do fiscal incentives increase innovation? An RD design for R&D. Centre for Economic Performance Discussion Paper, No. 1413.Dechezleprêtre A., Einiö E., Martin R., Nguyen K.-T., Van Reenen J. (2016). Do fiscal incentives increase innovation? An RD design for R&D. Centre for Economic Performance Discussion Paper, No. 1413.Diamond J. (1997). Guns, germs, and steel. New York: W. W. Norton.Diamond J. (1997). Guns, germs, and steel. New York: W. W. Norton.Doran K., Gelber A., Isen A. (2014). The effects of high-skilled immigration policy on firms: Evidence from H-1B visa lotteries. NBER Working Paper, No. 20668. https://doi.org/10.3386/w20668Doran K., Gelber A., Isen A. (2014). The effects of high-skilled immigration policy on firms: Evidence from H-1B visa lotteries. NBER Working Paper, No. 20668. https://doi.org/10.3386/w20668Doran K., Yoon C. (2018). Immigration and invention: Evidence from the quota acts. Unpublished manuscript, https://www3.nd.edu/~kdoran/Doran_Quotas.pdfDoran K., Yoon C. (2018). Immigration and invention: Evidence from the quota acts. Unpublished manuscript, https://www3.nd.edu/~kdoran/Doran_Quotas.pdfFeng J., Jaravel X. [Forthcoming]. Crafting intellectual property rights: Implications for patent assertion entities, litigation, and innovation. American Economic Journal: Applied Economics.Feng J., Jaravel X. [Forthcoming]. Crafting intellectual property rights: Implications for patent assertion entities, litigation, and innovation. American Economic Journal: Applied Economics.Fieler A. C., Harrison A. (2018). Escaping import competition and downstream tariffs. NBER Working Paper, No. 24527. https://doi.org/10.3386/w24527Fieler A. C., Harrison A. (2018). Escaping import competition and downstream tariffs. NBER Working Paper, No. 24527. https://doi.org/10.3386/w24527Gaessler F., Hall B. H., Harhoff D. (2018). Should there be lower taxes on patent income? Institute for Fiscal Studies Working Paper, No. W18/19.Gaessler F., Hall B. H., Harhoff D. (2018). Should there be lower taxes on patent income? Institute for Fiscal Studies Working Paper, No. W18/19.Goldberg P. K., Khandelwal A. K., Pavcnik N., Topalova P. (2010). Imported intermediate inputs and domestic product growth: Evidence from India. Quarterly Journal of Economics, Vol. 125, No. 4, pp. 1727—1767. https://doi.org/10.1162/qjec.2010.125.4.1727Goldberg P. K., Khandelwal A. K., Pavcnik N., Topalova P. (2010). Imported intermediate inputs and domestic product growth: Evidence from India. Quarterly Journal of Economics, Vol. 125, No. 4, pp. 1727—1767. https://doi.org/10.1162/qjec.2010.125.4.1727Goolsbee A. (1998). Does government R&D policy mainly benefit scientists and engineers? American Economic Review, Vol. 88, No. 2, pp. 298—302.Goolsbee A. (1998). Does government R&D policy mainly benefit scientists and engineers? American Economic Review, Vol. 88, No. 2, pp. 298—302.Griffith R., Lee S., Van Reenen J. (2011). Is distance dying at last? Falling home bias in fixed-effects models of patent citations. Quantitative Economics, Vol. 2, No. 2, pp. 211—249. https://doi.org/10.3982/qe59Griffith R., Lee S., Van Reenen J. (2011). Is distance dying at last? Falling home bias in fixed-effects models of patent citations. Quantitative Economics, Vol. 2, No. 2, pp. 211—249. https://doi.org/10.3982/qe59Griffith R., Miller H., O’Connell M. (2014). Ownership of intellectual property and corporate taxation. Journal of Public Economics, Vol. 112, No. 1, pp. 12—23. https://doi.org/10.1016/j.jpubeco.2014.01.009Griffith R., Miller H., O’Connell M. (2014). Ownership of intellectual property and corporate taxation. Journal of Public Economics, Vol. 112, No. 1, pp. 12—23. https://doi.org/10.1016/j.jpubeco.2014.01.009Griliches Z. (1958). Research costs and social returns: Hybrid corn and related innovations. Journal of Political Economy, Vol. 66, No. 5, pp. 419—431. https://doi.org/10.1086/258077Griliches Z. (1958). Research costs and social returns: Hybrid corn and related innovations. Journal of Political Economy, Vol. 66, No. 5, pp. 419—431. https://doi.org/10.1086/258077Griliches Z. (1992). The search for R&D spillovers. Scandinavian Journal of Economics, Vol. 94, Supplement, pp. S29—S47. https://doi.org/10.2307/3440244Griliches Z. (1992). The search for R&D spillovers. Scandinavian Journal of Economics, Vol. 94, Supplement, pp. S29—S47. https://doi.org/10.2307/3440244Grossman G. M., Helpman E. (1991). Innovation and growth in the global economy. Cambridge, MA: MIT Press.Grossman G. M., Helpman E. (1991). Innovation and growth in the global economy. Cambridge, MA: MIT Press.Gruber J., Johnson S. (2019). Jump-starting America: How breakthrough science can revive economic growth and the American dream. New York: Public Affairs Books.Gruber J., Johnson S. (2019). Jump-starting America: How breakthrough science can revive economic growth and the American dream. New York: Public Affairs Books.Guenther G. (2017). Patent boxes: A primer. Congressional Research Service Report, No. 7-5700.Guenther G. (2017). Patent boxes: A primer. Congressional Research Service Report, No. 7-5700.Haber S., Levine R. (2014). The myth of the wicked patent troll. Wall Street Journal, June 29.Haber S., Levine R. (2014). The myth of the wicked patent troll. Wall Street Journal, June 29.Hall B. H., Lerner J. (2010). The financing of R&D and innovation. In: B. H. Hall, N. Rosenberg (eds.). Handbook of the economics of innovation, Vol. 1. Amsterdam: Elsevier, pp. 609—639.Hall B. H., Lerner J. (2010). The financing of R&D and innovation. In: B. H. Hall, N. Rosenberg (eds.). Handbook of the economics of innovation, Vol. 1. Amsterdam: Elsevier, pp. 609—639.Hausman N. (2018). University innovation and local economic growth. Unpublished manuscript, https://drive.google.com/file/d/1dfYTyG2zzVvfbRBJQ7arOLt7d_7M29Fv/viewHausman N. (2018). University innovation and local economic growth. Unpublished manuscript, https://drive.google.com/file/d/1dfYTyG2zzVvfbRBJQ7arOLt7d_7M29Fv/viewHelmers Ch., Overman H. G. (2016). My precious! The location and diffusion of scientific research: Evidence from the synchrotron diamond light source. Economic Journal, Vol. 127, No. 604, pp. 2006—2040. https://doi.org/10.1111/ecoj.12387Helmers Ch., Overman H. G. (2016). My precious! The location and diffusion of scientific research: Evidence from the synchrotron diamond light source. Economic Journal, Vol. 127, No. 604, pp. 2006—2040. https://doi.org/10.1111/ecoj.12387Howell S. T. (2017). Financing innovation: Evidence from R&D grants. American Economic Review, Vol. 107, No. 4, pp. 1136—1164. https://doi.org/10.1257/aer.20150808Howell S. T. (2017). Financing innovation: Evidence from R&D grants. American Economic Review, Vol. 107, No. 4, pp. 1136—1164. https://doi.org/10.1257/aer.20150808Hunt J., Gauthier-Loiselle M. (2010). How much does immigration boost innovation? American Economic Journal: Macroeconomics, Vol. 2, No. 2, pp. 31—56. https://doi.org/10.1257/mac.2.2.31Hunt J., Gauthier-Loiselle M. (2010). How much does immigration boost innovation? American Economic Journal: Macroeconomics, Vol. 2, No. 2, pp. 31—56. https://doi.org/10.1257/mac.2.2.31Hvide H. K., Jones B. F. (2018). University innovation and the professor’s privilege. American Economic Review, Vol. 108, No. 7, pp. 1860—1898. https://doi.org/10.1257/aer.20160284Hvide H. K., Jones B. F. (2018). University innovation and the professor’s privilege. American Economic Review, Vol. 108, No. 7, pp. 1860—1898. https://doi.org/10.1257/aer.20160284Jacob B. A., Lefgren L. (2011). The impact of research grant funding on scientific productivity. Journal of Public Economics, Vol. 95, No. 9—10, pp. 1168—1177. https://doi.org/10.1016/j.jpubeco.2011.05.005Jacob B. A., Lefgren L. (2011). The impact of research grant funding on scientific productivity. Journal of Public Economics, Vol. 95, No. 9—10, pp. 1168—1177. https://doi.org/10.1016/j.jpubeco.2011.05.005Jaffe A. B. (1986). Technological opportunity and spillovers of R&D: Evidence from firms’ patents, profits, and market value. American Economic Review, Vol. 76, No. 5, pp. 984—1001.Jaffe A. B. (1986). Technological opportunity and spillovers of R&D: Evidence from firms’ patents, profits, and market value. American Economic Review, Vol. 76, No. 5, pp. 984—1001.Jaffe A. B. (1989). Real effects of academic research. American Economic Review, Vol. 79, No. 5, pp. 957—970.Jaffe A. B. (1989). Real effects of academic research. American Economic Review, Vol. 79, No. 5, pp. 957—970.Jaffe A. B., Lerner J. (2001). Reinventing public R&D: Patent policy and the commercialization of national laboratory technologies. RAND Journal of Economics, Vol. 32, No. 1, pp. 167—198. https://doi.org/10.2307/2696403Jaffe A. B., Lerner J. (2001). Reinventing public R&D: Patent policy and the commercialization of national laboratory technologies. RAND Journal of Economics, Vol. 32, No. 1, pp. 167—198. https://doi.org/10.2307/2696403Jaffe A. B., Trajtenberg M., Henderson R. (1993). Geographic localization of knowledge spillovers as evidenced by patent citations. Quarterly Journal of Economics, Vol. 108, No. 3, pp. 577—598. https://doi.org/10.2307/2118401Jaffe A. B., Trajtenberg M., Henderson R. (1993). Geographic localization of knowledge spillovers as evidenced by patent citations. Quarterly Journal of Economics, Vol. 108, No. 3, pp. 577—598. https://doi.org/10.2307/2118401Janeway W. H. (2012). Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge: Cambridge University Press.Janeway W. H. (2012). Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge: Cambridge University Press.Jones Ch. I. (2015). The facts of economic growth. In: J. B. Taylor, H. Uhlig (eds.). Handbook of macroeconomics, Vol. 2A. Amsterdam: Elsevier, pp. 3—69.Jones Ch. I. (2015). The facts of economic growth. In: J. B. Taylor, H. Uhlig (eds.). Handbook of macroeconomics, Vol. 2A. Amsterdam: Elsevier, pp. 3—69.Keller W. (2004). International technology diffusion. Journal of Economic Literature, Vol. 42, No. 3, pp. 752—782. https://doi.org/10.1257/0022051042177685Keller W. (2004). International technology diffusion. Journal of Economic Literature, Vol. 42, No. 3, pp. 752—782. https://doi.org/10.1257/0022051042177685Kerr W. R., Lincoln W. F. (2010). The supply side of innovation: H-1B visa reforms and U.S. ethnic invention. Journal of Labor Economics, Vol. 28, No. 3, pp. 473—508. https://doi.org/10.1086/651934Kerr W. R., Lincoln W. F. (2010). The supply side of innovation: H-1B visa reforms and U.S. ethnic invention. Journal of Labor Economics, Vol. 28, No. 3, pp. 473—508. https://doi.org/10.1086/651934Lach S., Schankerman M. (2008). Incentives and invention in universities. RAND Journal of Economics, Vol. 39, No. 2, pp. 403—433. https://doi.org/10.1111/j.0741-6261.2008.00020.xLach S., Schankerman M. (2008). Incentives and invention in universities. RAND Journal of Economics, Vol. 39, No. 2, pp. 403—433. https://doi.org/10.1111/j.0741-6261.2008.00020.xLemley M. A., Simcoe T. (2018). How essential are standard-essential patents? Stanford Public Law Working Paper. Available at SSRN: https://ssrn.com/abstract=3128420Lemley M. A., Simcoe T. (2018). How essential are standard-essential patents? Stanford Public Law Working Paper. Available at SSRN: https://ssrn.com/abstract=3128420Lerner J. (2009). The boulevard of broken dreams: Why public efforts to boost entrepreneurship and venture capital have failed—and what to do about it. Princeton: Princeton University Press.Lerner J. (2009). The boulevard of broken dreams: Why public efforts to boost entrepreneurship and venture capital have failed—and what to do about it. Princeton: Princeton University Press.Lucking B. (2019). Do R&D tax credits create jobs? Unpublished manuscript, http://stanford.edu/~blucking/jmp.pdfLucking B. (2019). Do R&D tax credits create jobs? Unpublished manuscript, http://stanford.edu/~blucking/jmp.pdfLucking B., Bloom N., Van Reenen J. (2018). Have R&D spillovers changed? NBER Working Paper, No. 24622. https://doi.org/10.3386/w24622Lucking B., Bloom N., Van Reenen J. (2018). Have R&D spillovers changed? NBER Working Paper, No. 24622. https://doi.org/10.3386/w24622Madaleno M., Nathan M., Overman H., Waights S. (2018). Incubators, accelerators and regional economic development. Centre for Economic Performance Discussion Paper, No. 1575.Madaleno M., Nathan M., Overman H., Waights S. (2018). Incubators, accelerators and regional economic development. Centre for Economic Performance Discussion Paper, No. 1575.Mazzucato M. (2013). The entrepreneurial state: Debunking public vs. private sector myths. London: Anthem Press.Mazzucato M. (2013). The entrepreneurial state: Debunking public vs. private sector myths. London: Anthem Press.Moretti E., Steinwender C., Van Reenen J., Warren P. (2015). The intellectual spoils of war? Defense R&D, productivity and international technology spillovers. Unpublished manuscript.Moretti E., Steinwender C., Van Reenen J., Warren P. (2015). The intellectual spoils of war? Defense R&D, productivity and international technology spillovers. Unpublished manuscript.Moretti E., Wilson D. J. (2017). The effect of state taxes on the geographical location of top earners: Evidence from star scientists. American Economic Review, Vol. 107, No. 7, pp. 1858—1903. https://doi.org/10.1257/aer.20150508Moretti E., Wilson D. J. (2017). The effect of state taxes on the geographical location of top earners: Evidence from star scientists. American Economic Review, Vol. 107, No. 7, pp. 1858—1903. https://doi.org/10.1257/aer.20150508Moser P., San S. (2019). Immigration, science, and invention: Evidence from the 1920s quota acts. Unpublished manuscript.Moser P., San S. (2019). Immigration, science, and invention: Evidence from the 1920s quota acts. Unpublished manuscript.Moser P., Voena A., Waldinger F. (2014). German Jewish émigrés and US invention. American Economic Review, Vol. 104, No. 10, pp. 3222—3255. https://doi.org/10.1257/aer.104.10.3222Moser P., Voena A., Waldinger F. (2014). German Jewish émigrés and US invention. American Economic Review, Vol. 104, No. 10, pp. 3222—3255. https://doi.org/10.1257/aer.104.10.3222National Science Board. (2018). Science and engineering indicators 2018. Alexandria, VA: National Science Board.National Science Board. (2018). Science and engineering indicators 2018. Alexandria, VA: National Science Board.OECD (2018). OECD review of national R&D tax incentives and estimates of R&D tax subsidy rates, 2017. Paris: OECD.OECD (2018). OECD review of national R&D tax incentives and estimates of R&D tax subsidy rates, 2017. Paris: OECD.Romer P. M. (2001). Should the government subsidize supply or demand in the market for scientists and engineers? Innovation Policy and the Economy, Vol. 1, pp. 221—252.Romer P. M. (2001). Should the government subsidize supply or demand in the market for scientists and engineers? Innovation Policy and the Economy, Vol. 1, pp. 221—252.Sampat B., Williams H. L. (2019). How do patents affect follow-on innovation? Evidence from the human genome. American Economic Review, Vol. 109, No. 1, pp. 203—236. https://doi.org/10.1257/aer.20151398Sampat B., Williams H. L. (2019). How do patents affect follow-on innovation? Evidence from the human genome. American Economic Review, Vol. 109, No. 1, pp. 203—236. https://doi.org/10.1257/aer.20151398Schumpeter J. A. (1942). Capitalism, socialism and democracy. New York: Harper and Brothers.Schumpeter J. A. (1942). Capitalism, socialism and democracy. New York: Harper and Brothers.Shambaugh J., Nunn R., Portman B. (2017). Eleven facts about innovation and patents. Hamilton Project Report, Brookings Institution.Shambaugh J., Nunn R., Portman B. (2017). Eleven facts about innovation and patents. Hamilton Project Report, Brookings Institution.Shu P., Steinwender C. (2019). The impact of trade liberalization on firm productivity and innovation. Innovation Policy and the Economy, Vol. 19, pp. 39—68. https://doi.org/10.1086/699932Shu P., Steinwender C. (2019). The impact of trade liberalization on firm productivity and innovation. Innovation Policy and the Economy, Vol. 19, pp. 39—68. https://doi.org/10.1086/699932Toivanen O., Väänänen L. (2016). Education and invention. Review of Economics and Statistics, Vol. 98, No. 2, pp. 382—396. https://doi.org/10.1162/rest_a_00520Toivanen O., Väänänen L. (2016). Education and invention. Review of Economics and Statistics, Vol. 98, No. 2, pp. 382—396. https://doi.org/10.1162/rest_a_00520Trajtenberg M. (1990). A penny for your quotes: Patent citations and the value of innovations. RAND Journal of Economics, Vol. 21, No. 1, pp. 172—187. https://doi.org/10.2307/2555502Trajtenberg M. (1990). A penny for your quotes: Patent citations and the value of innovations. RAND Journal of Economics, Vol. 21, No. 1, pp. 172—187. https://doi.org/10.2307/2555502Valero A., Van Reenen J. (2019). The economic impact of universities: Evidence from across the globe. Economics of Education Review, Vol. 68, No. 1, pp. 53—67. https://doi.org/10.1016/j.econedurev.2018.09.001Valero A., Van Reenen J. (2019). The economic impact of universities: Evidence from across the globe. Economics of Education Review, Vol. 68, No. 1, pp. 53—67. https://doi.org/10.1016/j.econedurev.2018.09.001Williams H. L. (2013). Intellectual property rights and innovation: Evidence from the human genome. Journal of Political Economy, Vol. 121, No. 1, pp. 1—27. https://doi.org/10.1086/669706Williams H. L. (2013). Intellectual property rights and innovation: Evidence from the human genome. Journal of Political Economy, Vol. 121, No. 1, pp. 1—27. https://doi.org/10.1086/669706Williams H. L. (2017). How do patents affect research investments? Annual Review of Economics, Vol. 9, pp. 441—469. https://doi.org/10.1146/annurev-economics-110216-100959Williams H. L. (2017). How do patents affect research investments? Annual Review of Economics, Vol. 9, pp. 441—469. https://doi.org/10.1146/annurev-economics-110216-100959Wilson D. J. (2009). Beggar thy neighbor? The in-state, out-of-state, and aggregate effects of R&D tax credits. Review of Economics and Statistics, Vol. 91, No. 2, pp. 431—436. https://doi.org/10.1162/rest.91.2.431Wilson D. J. (2009). Beggar thy neighbor? The in-state, out-of-state, and aggregate effects of R&D tax credits. Review of Economics and Statistics, Vol. 91, No. 2, pp. 431—436. https://doi.org/10.1162/rest.91.2.431Xu R., Gong K. (2017). Does import competition induce R&D reallocation? Evidence from the U.S. IMF Working Paper, No. 17/253.Xu R., Gong K. (2017). Does import competition induce R&D reallocation? Evidence from the U.S. IMF Working Paper, No. 17/253.

The authors declare that there are no conflicts of interest present.