Conclusion

The examination of economic indicators showed the difficulties of calculating the "rates of return" on scientific and engineering research. Not only is much of this information unobtainable, or ambiguous, but many of the gains from research are simply monetarily intangible. Translating a medical breakthrough that saves a human life into monetary terms is difficult. Studies that have attempted to do so have varied greatly in their estimates. On the other hand, when an analysis is restricted to the sales value of goods and services, or the profits earned by firms, scientific research is often found to have very high rates of return. These results suggest that the true benefits of science and engineering, in terms of all effects - tangible and intangible - could be even higher. Average estimated rates of return have been high, as in Nadiri's (1993) estimate of a 20-to 30-percent return, which he based on several economic studies. This does not mean, however, that each scientific research project will have this rate of return - some will have much lower rates and others much higher.

The complete contribution of a particular scientific project or program is often difficult to trace because research in one area enhances or benefits research in other areas. For instance, the benefits of magnetic resonance imaging (MRI) technology extend beyond its use in medical diagnosis, because the technology is also employed in medical, biological, and neuroscience research. Thus, one cannot assess these benefits without knowing something about MRI's usefulness as a research tool, which is an aspect of the device that extends beyond the "medical sector."

We must also keep in mind that many of the important effects of scientific research may not, themselves, be scientific in character. That is, studies on scientific discoveries have always focused on what makes science interesting, but economic and social effects of scientific advances may not, in themselves, be scientifically interesting. These advances may include improvements in office equipment, industrial robots that can produce goods more cheaply, and diapers that are more absorbent. Scientific advances that are less spectacular may receive less public attention, or the attention they do receive may not be associated with the allure of scientific discovery. Nevertheless, even the seemingly mundane and incremental advances are important to consider in assessments of the economic and social importance of scientific research.

One of the most dramatic effects of recent scientific and engineering research has been the explosive growth of information technology (IT). Some studies have found that IT and other high-tech developments tend to increase disparities among subgroups of the population in terms of employment and educational opportunities. In many instances, technological advances increase the demand for employees with skills in high-tech and IT-related areas, while decreasing the demand for employees without such skills. As a result, the importance of exposure to IT in education, as a factor related to future employment, is growing. Like the proverbial tree falling in the forest, S&E research must be perceived in order to have any real effect. Therefore, S&E research, to be most effective, should be integrated with an education system.

Page
Top
Previous
Section
Chap
TOC
Refs
Seind96
Home
Abbrev
Help
SRS
Home