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Recession, R&D Spending, and the Current Account: Bad News, Bad News, and a Little Encouragement

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  • Gretz Richard T

    (Bradley University)

  • Highfill Jannett

    (Bradley University)

Abstract

Coming out of the global recession, it has been suggested that certain United States' trading partners that have relied on exchange rates policy should switch to the industrial policy, particularly, government subsidies for private sector research and development. The present paper argues that the recession itself is sufficient bad news. The prospect of our trading partners instigating an R&D subsidy game in the interests of an export-led growth strategy is even more sobering--especially if the U.S. fails to respond with its own R&D subsidy program. Whatever your view of the American Recovery and Reinvestment Act of 2009, one could make the case that the U.S. economy would have been better served investing in new technologies leading to new factories producing innovative products rather than simply paving a road to, at best, business as usual.

Suggested Citation

  • Gretz Richard T & Highfill Jannett, 2010. "Recession, R&D Spending, and the Current Account: Bad News, Bad News, and a Little Encouragement," Global Economy Journal, De Gruyter, vol. 10(1), pages 1-8, February.
    • Handle: RePEc:bpj:glecon:v:10:y:2010:i:1:n:7
    DOI: 10.2202/1524-5861.1619
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    References listed on IDEAS

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    1. Richard T. Gretz & Jannett Highfill & Robert C. Scott, 2009. "Strategic Research And Development Policy: Societal Objectives And The Corporate Welfare Argument," Contemporary Economic Policy, Western Economic Association International, vol. 27(1), pages 28-45, January.
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    Cited by:

    1. Highfill Jannett & McAsey Michael, 2011. "Will Technological Progress Cure the "Advanced Technology Products" Trade Account Deficit?," Global Economy Journal, De Gruyter, vol. 10(4), pages 1-13, January.
    2. Richard Gretz & Jannett Highfill & Robert Scott, 2012. "R&D subsidy games: a cost sharing approach vs. reward for performance," The Journal of Technology Transfer, Springer, vol. 37(4), pages 385-403, August.
    3. Graff Michael & Tang Kam Ki. & Zhang Jie, 2012. "Does Demographic Change Affect the Current Account? A Reconsideration," Global Economy Journal, De Gruyter, vol. 12(4), pages 1-26, December.

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