Author/Editor: Ruchir Agarwal ; Patrick Gaule, Publication Date:February 19, 2021
Summary:To examine the drivers of innovation, this paper studies the global R&D effort to fight the deadliest diseases and presents four results. We find: (1) global pharmaceutical R&D activity—measured by clinical trials—typically follows the ‘law of diminishing effort’: i.e. the elasticity of R&D effort with respect to market size is about ½ in the cross-section of diseases; (2) the RD response to COVID-19 has been a major exception to this law, with the number of COVID-19 trials being 7 to 20 times greater than that implied by its market size; (3) the aggregate short-term elasticity of science and innovation can be very large, as demonstrated by aggregate flow of clinical trials increasing by 38% in 2020, with limited crowding out of trials for non-COVID diseases; and (4) public institutions and government-led incentives were a key driver of the COVID-19 R&D effort—with public research institutions accounting for 70 percent of all COVID-19 clinical trials globally and being 10 percentage points more likely to conduct a COVID-19 trial relative to private firms. Overall, while economists are naturally in favor of market size as a driving force for innovation (i.e.“if the market size is sufficiently large then innovation will happen”), our work suggests that scaling up global innovation may require a broader perspective on the drivers of innovation—including early-stage incentives, non-monetary incentives, and public institutions.
Series:Working Paper No. 2021/048
https://www.imf.org/en/Publications/WP/Issues/2021/02/20/What-Drives-Innovation-Lessons-from-COVID-19-R-D-50096
原创 倪思洁 科学网 2021/2/24
https://mp.weixin.qq.com/s?__biz=MzA5OTMxMTUzMw==&mid=2657130525&idx=1&sn=1b27972aa96d1d7bb53a7808da1277eb&chksm=8b1072dfbc67fbc9bc7a3c39712ad8c000a2a9759933a21f17978fd544c68bb82b884b76bb70&mpshare=1&scene=1&srcid=0225uSXXPQhCM6nHdKYTy1nQ&sharer_sharetime=1614219944410&sharer_shareid=f14234539e09a08e77a9206f4cc494e3&exportkey=AjvCHlttCie2T4x6m%2BbDOEk%3D&pass_ticket=OoVlTNslQsOaNN3WD%2Fphm5LD8W9hiXcMlL0N6QrJnmQusIymhgMbb4jJk5NI3BFj&wx_header=0#rd
翻开科学史，我们不难发现，创新的科研成果往往是在不断质疑、争鸣、讨论中产生的。不同观点之间的互动，能使人们看清问题，找到解决之道，进而获得真知灼见。然而，我们又遗憾地发现，争论时常变成相互揭短的人身攻击，讥讽、谩骂乃至拳脚相向。问题究竟出在哪儿？我们需要怎样的学术争鸣？带着这些问题，《中国科学报》记者专访了有着近20年国外科研经历和长期国内科研管理经验的中国科学院院士、中国科学院高能物理研究所所长王贻芳。
What does “95 percent effective” mean? Should you get vaccinated if you have had COVID? Is there a best vaccine?
By Jim Daley on February 19, 2021
https://www.scientificamerican.com/article/experts-answer-the-biggest-covid-vaccine-questions1/?utm_source=newsletter&utm_medium=email&utm_campaign=health&utm_content=link&utm_term=2021-02-22_top-stories&spMailingID=69705890&spUserID=NDU1OTQxMDM5ODE2S0&spJobID=2062382301&spReportId=MjA2MjM4MjMwMQS2
“So, my lesson from this crisis, and my overarching lesson, which I have to say I think the world has under-internalized, is that it is not over until it is over, and that time is surely not right now, and cannot be judged relative to the extent of financial panic. And that we may well need, in the years ahead, to think about how we manage an economy in which the zero nominal interest rate is a chronic and systemic inhibitor of economic activity holding our economies back below their potential.”
固收论道 2021/2/21
以下文章来源于珠海市横琴新区智慧金融研究院 ，作者韦森
https://mp.weixin.qq.com/s?__biz=Mzg2OTU0Nzk2OA==&mid=2247484223&idx=1&sn=e425fe79fe1b5a9adda9980a62a20a8f&chksm=ce9a2990f9eda086dd645006931063291dfd854f5b4cea7bc35aa11a173b74ece8621c1cb1f1&mpshare=1&scene=1&srcid=0221C7khUiahmHUarg3xMRTC&sharer_sharetime=1613977763483&sharer_shareid=f14234539e09a08e77a9206f4cc494e3&exportkey=AmNf3e35XE65CeK3YLrg5OQ%3D&pass_ticket=XiEMkuuQjmmiSrXfvV8gF3kSRH6rRsgOJK94EXKytJiraRKmKUisnEYi6giHBsum&wx_header=0#rd
编者按：这篇文章从货币“革命”视角，深刻阐述了当前全球低通胀低利率低增长的真实原因。在银行数字记账货币时代，“通货膨胀已经不再是一个货币现象了”；有形资产投资下降，而无形资产投资增加，导致的是GDP增长停滞。本文对理解通胀和经济增速放缓有不同视角的启发。我们征求了作者同意，特此转载，以飨读者。
题记：本文为韦森教授2020年12月6日在珠海第四届横琴金融论坛“全球金融发展与跨境金融合作”上的主题演讲整理而成。