Govt’s R&D experiment has failed

Posted by Jeffrey M. Feingold on 03.26.15

With the Government's goal to grow business R&D investment to equal to one percent of the GDP, perhaps there is a better strategy to consider.

Green Party economic development spokesperson James Shaw made some good points in a recent article from Scoop, where he said, “We need a balanced approach to R&D investment that includes tax credits for all businesses that invest in R&D as well as grants.

“R&D is fundamental to building a smart, green economy through innovation and diversification, but the Government plans to cut Government R&D funding in real terms by 21 percent by 2023/24, according to the Draft National Statement of Science Investment.

“Last week’s increase in the Current Account Deficit shows why our economy is too reliant on simple commodity exports like dairy, raw logs, and mineral extraction, and why we need more R&D and innovation to diversify our economy, grow wages, and add value to our exports,” Mr Shaw said. 

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