Unbiased Analysis of Today's Healthcare Issues

How does one measure the value of R&D?

Measuring the value of research and development (R&D) is a difficult problem.  Specifically, how does one measure the value of R&D on multifactor productivity (MFP).   At first glance, one would expect the value of R&D to be proportional to R&D spending in a given year.  However, this approach ignores that knowledge from previous years’ R&D […]

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