Limits to Investment in Research

Knowledge is the key currency of innovation. Knowledge when turned into an artefact, thereby enabling its use, attracts value which may be monetary. While historically and conventionally monetary investment into research has been seen as the key input and driver of innovation, the efficiency and effectiveness of this process are scrutinised in this chapter. The links between research and economic growth, researcher numbers and productivity and the costs of too much research are considered, along with their impact on innovation. Hence, the role and limits to investment in research as the means of delivering innovation are questioned and compared with the need for, and means of creating scientific entrepreneurs.