Money, History and Finance
Monday, September 18, 2023, 03:30pm - 05:00pm
Abstract: During World War II, the U.S. government's Office of Scientific Research and Development (OSRD) supported one of the largest public investments in applied R&D in U.S. history. Using data on all OSRD-funded invention, we show that this shock had a formative impact on the U.S. innovation system, catalyzing technology clusters across the country, with accompanying increases in high-tech entrepreneurship and employment. These effects persist until at least the 1970s, and appear to be driven by agglomerative forces and endogenous growth. In addition to creating technology clusters, wartime R&D permanently changed the trajectory of overall U.S. innovation in the direction of OSRD-funded technologies.
3:30pm-5:00pm | In Person, Room 101, NJ Hall & Zoom | Coordinator: Michael Bordo