Wednesday, 11 June 2014

More on the public science base

Here's a new report

The economic impact of Russell Group universities

It's an example of the kind of work that HM Treasury will not be convinced by.  Some of the work, see Chapter 8, takes spending on universities and multiplies it by a rate of return.  For medical research, this rate of return is poorly estimated. Other parts of the work take  e.g spend on construction by employment in construction plus employment supported by constructoin workers buying cups of tea etc. But what is the counterfactual?  Would all those workers and tea-makers be unemployed if these projects did not go ahead?