Description
Answer the following questions:
- What is the relevance of research and development to an economy's productivity? Among major economies, how does the United States rank in R&D spending as a share of the GDP?
- Define industrial policy. What are some arguments for and against industrial policy?
In addition your answers must prescribe to APA format.. You must submit a cover page, each question in a page by itself, and your references page must be also in a page by itself. And, please do not forget to reference your in-text.
Explanation & Answer
Attached.
Running head: PRODUCTIVITY AND GROWTH
Productivity and Growth
Student’s Name
Institutional Affiliation
Date
1
PRODUCTIVITY AND GROWTH
2
Productivity and Growth
What is the relevance of research and development to an economy's productivity? Among
major economies, how does the United States rank in R&D spending as a share of the
GDP?
Economic growth is evident when there is an increase in GDP (McEachern, 2011).
Investment in R&D is necessary for economic growth. Hence, it is vital to develop skills that
enable job markets to offer high wages. The United States, for example, has diminished the
ability to compete in the international market due to the polarization between high-skilled, high
wages and low-skilled, low wages. It can develop new markets to employ skilled and non-skilled
workers by bridging the gap in wage difference through R&D. The use of R&D is crucial in
creating cheap energy markets. The U.S. considers fossil fuel ...
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