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 …