Research And Development (R&D) For Technological Policy
Volume 3 - Issue 7, July 2019 Edition
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Author(s)
Kasun D Ramanayake R.A
Keywords
R&D, Knowledge Production, Technological Policy, Challengers. Practice of Technological policy.
Abstract
The most important concept of the economy engages in Research and development (R&D) because of R&D expenditure is designed to locate new or improved products and to reduce the manufacturing cost of the industry. At the same time, industrial structure determines the process of the R&D in the economy. This relationship was introduced by Schumpeter in 1950. This concept and indeed most of the theoretical investigations in recent years on the economic and technological changes have contributed to new economic trends. We called this “Positive economicsâ€. In this Paper we explain this concept of R&D, according to economic theory and technological policy, and importance of the technology policy.
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