We study the relationships between corporate R&D and three components of public science: knowledge, human capital, and … established firms, which account for more than three-quarters of business R&D, is affected by scientific knowledge produced by … innovation in firms. However, inventions from universities and public research institutes substitute for corporate inventions and …

, despite sustained progress in scientific knowledge, recent productivity growth in the U.S. has been disappointing. We review … major changes in the American innovation ecosystem over the past century. The past three decades have been marked by a … growing division of labor between universities focusing on research and large corporations focusing on development. Knowledge …

Scientific knowledge is believed to be the wellspring of innovation. Historically, firms have also invested in research … to fuel innovation and growth. In this paper, we document a shift away from scientific research by large corporations … knowledge (as measured by patents) has remained stable. These effects appear to be associated with globalization and narrower …