. "2 Why Are Science and Technology Critical to America's Prosperity in the 21st Century?." Rising Above the Gathering Storm: Energizing and Employing America for a Brighter Economic Future. Washington, DC: The National Academies Press, 2007.
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Rising Above the Gathering Storm: Energizing and Employing America for a Brighter Economic Future
TABLE 2-3 Sales and Employment in the Information Technology (IT) Industry, 2000
Sales Revenues ($ billions)
Number of Jobs (1,000)
Computer and peripheral equipment
Semiconductors and other electronic components
Data processing services
SOURCE: National Research Council. Impact of Basic Research on Industrial Performance. Washington, DC: The National Academies Press, 2003.
described as “fuel for industry.”19 The economic contribution of science and technology can be understood by examining revenue and employment figures from technology- and service-based industries, but the largest economic influence is in the productivity gains that follow the adoption of new products and technologies.20
CREATING NEW INDUSTRIES
The power of research is demonstrated not only by single innovations but by the ability to create entire new industries—some of them the nation’s most powerful economic drivers.
Basic research on the molecular mechanisms of DNA has produced a new field, molecular biology, and recombinant-DNA technology, or gene splicing, which in turn has led to new health therapies and the enormous growth of the biotechnology industry. The potential of those developments for health and healthcare is only beginning to be realized.
Studies of the interaction of light with atoms led to the prediction of stimulated emission of coherent radiation. That, together with the quest for a device to produce high-frequency microwaves, led to the development of
Council of Economic Advisers. Economic Report of the President. Washington, DC: US Government Printing Office, 1995.
D. J. Wilson. “Is Embodied Technological Change the Result of Upstream R&D? Industry-Level Evidence.” Review of Economic Dynamics 5(2)(2002):342-362.