I will focus on one important component of innovation policy: government support for R&D. The economic arguments for government support of innovation generally imply that governments should focus particularly on fostering basic, or foundational, research. Economic policy affects innovation and long-run economic growth in many ways. Indeed, some economists have argued that because of the potentially high social return to basic research, expanded government support for R&D could, over time, significantly boost economic growth. This research suggests that technological progress and the accumulation of intangible capital have together accounted for well over half of the increase in output per hour in the United States during the past several decades. Similarly, I don't give too much thought to the multitude of provisions for sharing revenues from foreign translations, from selling the rights to produce my books as stage plays and movies (yep, those provisions are in the contracts), etc. There are other things I care about more than those things, so I leave my editor alone on those topics and save my political capital for other matters. Certainly there have been disappointments; for example, the surge in federal investment in energy technology research in the 1970s, a response to the energy crisis of that decade, achieved less than its initiators hoped.

Social media platforms offer lawyers and law firms as a whole the opportunity to establish a strong presence in their audience’s minds, and there are myriad tactics you can use to do so. In a market where finding the right people is tough, your social media presence can be a deciding factor for potential recruits. Social media is a fantastic tool for reputation management. Certainly, the characteristics of the research to be supported are important for the choice of the policy tool. Examples of large-scale government-funded research include the space program and the construction and operation of "atom-smashing" facilities for experiments in high-energy physics. These are just a few examples of the additional disclosure an attorney may be required to make. Outside of such cases, which often are linked to national defense, a more decentralized model that relies on the ideas and initiative of individual researchers or small research groups may be most effective. The Internet revolution of the 1990s was based on scientific investments made in the 1970s and 1980s. And today’s widespread commercialization of biotechnology was based, in part, on key research findings developed in the 1950s. Thus, governments that choose to provide support for R&D are likely to get better results if that support is stable, avoiding a pattern of feast or famine.

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