This research seeks to describe the continuing predicament of R&D funding in the U.S. and to provide support for a return to higher R&D spending as a proportion of GDP to maintain American leadership in innovation. Historically, government investment has funded most foundational scientific research leading to technological advances in…

Nearly 30 years ago, renowned immunologist James E.K. Hildreth, M.D., Ph.D., was compelled to start researching the virus that causes AIDS. He marveled at its enigma and was pressed into action by its ability to cut lives short and devastate communities. The disease set him on a course of medical inquiry that has included biomedical breakthroughs…

We develop a model of induced innovation that applies to medical research. Our model yields three empirical predictions. First, initial death rates and subsequent research effort should be positively correlated. Second, research effort should be associated with more rapid mortality declines. Third, as a byproduct of targeting the most common…