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Quotation of the Day…

… is from page 269 of Matt Ridley’s 2010 book, The Rational Optimist; (the quotation is from Terence Kealey’s 2006 book, Sex, Science and Profits; the OECD study is here):

A large study by the Organization for Economic Co-operation and Development concluded that government spending on R&D had no observable effect on economic growth, despite what governments believe.  Indeed it ‘crowds out resources that could be alternatively used by the private sector, including private R&D’.