"Science" from an Economic Perspective: Summary of a theoretical approach and Japan's scientific research situation

Author Name GOTO Yasuo (Senior Fellow, RIETI)
Creation Date/NO. March 2016 16-P-006
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It has been some time since the importance of a growth strategy has been recognized. To enhance the growth potential, steady efforts to raise productivity is essential, and an indispensable element in this is the promotion of innovation. One of the important sources of the essence of innovation is research of "science." This paper provides material to consider science and technology policy in the future, introducing a theoretical approach to science from an economic perspective and using statistical evidence representative of the circumstances surrounding science and related trends in public policy. The scientific research situation in Japan is quite severe, looking at the resources in science, career development of scientists, output of scientific research, and the situation of science-based industries which are representative fields, respectively. As the global trend is to expect economic effects through science, extensive resources should be allotted and improving the mechanism to bring out the potential of scientists is essential with a view to maintaining and enhancing long-term international competitiveness and growth potential.