American public policy has had a long history of technological optimism. The success of the United States in research and development contributes to this optimism and leads many to assume that there is a technological fix for significant national problems. Since World War II the federal government has been the major supporter of commercial research and development efforts in a wide variety of industries. But how successful are these projects? And equally important, how do economic and policy factors influence performance and are these influences predictable and controllable?

Linda Cohen, Roger Noll, and three other economists address these questions while focusing on the importance of R& D to the national economy. They examine the codependency between technological progress and economic growth and explain such matters as why the private sector often fails to fund commercially applicable research adequately and why the government should focus support on some industries and not others. They also analyze political incentives facing officials who enact and implement programs and the subsequent forces affecting decisions to continue, terminate, or redirect them. The central part of this book presents detailed case histories of six programs: the supersonic transport, communications satellites, the space shuttle, the breeder reactor, photovoltaics, and synthetic fuels. The authors conclude with recommendations for program restructuring to minimize the conflict between economic objectives and political constraints.

American public policy has had a long history of technological optimism. The success of the United States in research and development contributes to this optimism and leads many to assume that there is a technological fix for significant national problems. Since World War II the federal government has been the major supporter of commercial research and development efforts in a wide variety of industries. But how successful are these projects? And equally important, how do economic and policy factors influence performance and are these influences predictable and controllable?

Linda Cohen, Roger Noll, and three other economists address these questions while focusing on the importance of R& D to the national economy. They examine the codependency between technological progress and economic growth and explain such matters as why the private sector often fails to fund commercially applicable research adequately and why the government should focus support on some industries and not others. They also analyze political incentives facing officials who enact and implement programs and the subsequent forces affecting decisions to continue, terminate, or redirect them. The central part of this book presents detailed case histories of six programs: the supersonic transport, communications satellites, the space shuttle, the breeder reactor, photovoltaics, and synthetic fuels. The authors conclude with recommendations for program restructuring to minimize the conflict between economic objectives and political constraints.

Political economy has been an essential realm of inquiry and has attracted myriad intellectual adherents for much of the period of modern scholarship, although its formal split into the distinct disciplines of political science and economics in the nineteenth century has limited the study of important social issues. This volume calls for a reaffirmation of the importance of the unified study of political economy, and explores the frontiers of the interaction between politics and markets. It brings together intellectual leaders from various areas, drawing on state-of-the-art theoretical and empirical analysis from each of the underlying disciplines. Each chapter, while beginning with a survey of existing work, focuses on profitable lines of inquiry for future developments. Particular attention is devoted to fields of active current development.

"A major piece of work . . . a classic. There is no
other book like it."
--Norman Schofield, Washington University
"The authors succeed brilliantly in tackling a large
number of important questions concerning the
interaction among voters and elected representatives
in the political arena, using a common, rigorous
language."
--Antonio Merlo, University of Pennsylvania
"Positive Political Theory II: Strategy and Structure"
is the second volume in Jeffrey Banks and David
Austen-Smith's monumental study of the links
between individual preferences and collective choice.
The book focuses on representative systems, including
both elections and legislative decision-making
processes, clearly connecting individual preferences to
collective outcomes. This book is not a survey. Rather,
it is the coherent, cumulative result of the authors'
brilliant efforts to indirectly connect preferences to
collective choice through strategic behaviors such as
agenda-selection and voting.
The book will be an invaluable reference and teaching
tool for economists and political scientists, and an
essential companion to any scholar interested in the
latest theoretical advances in positive political theory.

Political economy has been an essential realm of inquiry and has attracted myriad intellectual adherents for much of the period of modern scholarship. The discipline's formal split into the distinct studies of political science and economics in the nineteenth-century, while advantageous for certain scientific developments, has biased the way economists and political scientists think about many issues, and has placed artificial constraints on the study of many important social issues. This volume calls for a reaffirmation of the importance of the unified study of political economy, and explores the frontiers of the interaction between politics and markets. This volume brings together intellectual leaders of various areas, drawing upon state-of-the-art theoretical and empirical analysis from each of the underlying disciplines. Each chapter, while beginning with a survey of existing work, focuses on profitable lines of inquiry for future developments. Particular attention is devoted to fields of active current development.