A new independent report for the Campaign for Science & Engineering (CaSE) published today shows that investing public money in science and engineering is good for the economy. The Economic Significance of the UK Science Base examines the economic impact of public investment in the UK science base.
The report looks in detail at the relationship between public funding of science and engineering and three levels of economic activity: total factor productivity growth in industries; ability of universities to attract external income; and interaction between individual researchers and the wider economy.
The report shows that, at the level of industries, universities and individual researchers, public investment in science and engineering leads to economic growth. CaSE is thus calling for current and future governments to recognise that public spending on science and engineering is an investment with significant benefits for the economy and society.
The report was written by Professor Jonathan Haskel (Imperial College Business School), Professor Alan Hughes and Dr Elif Bascavusoglu-Moreau (both University of Cambridge). It was funded by a consortium of six CaSE members: British Pharmacological Society, The Geological Society, The Institution of Engineering and Technology, Institute of Physics, Royal Society of Chemistry and Society of Biology.
(N.B. I sit on the board of directors of CaSE)