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Abstract
Economic research generates a wide array of benefits. These include information,
technological change, and improved policy. There are few quantitative studies of the
benefits of economic research, and some benefits may be misattributed to biological and
physical research. To be productive, economic research must be transmitted and the user
must be able to use it. Therefore, investment in extension outreach and economic literacy
are important to improve its impact. Even casual observation suggests that economic
research is valuable, but noneconomists must be convinced of this. Since benefits are
likely to be concentrated in a small number of successful projects, a useful approach to
the assessment of the benefits of research is to identify these projects and their results.
The analysis must recognize that the accuracy of any estimates of benefits is
uncertain. In addition, the argument behind the estimates should be transparent, relying
on documentation and testimony from users, policymakers, and noneconomists.
Assessments of the benefits of economic research provide information that can be used
both to justify support for economic research and to allocate monies among lines of
research.