Macro Economics
This results in increased growth and thus benefits the economy as a whole. In addition, resources that are freed from one production function can be used in another, thus benefiting the economy and further shifting the production function (Ruffin & Gregory 39).

2a. One of the most important considerations affecting research and development is the appropriability of research. When appropriability is high, the entity conducting the research is able to control the results and reap the benefits in the market by virtue of being the only producer of the resultant technology or product. When appropriability is low, other producers can take advantage of the innovation without having to invest in the research itself (Goel 72). An international treaty protecting intellectual property and patents would increase the appropriability

 
 
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    Some topics in this essay  
 
    Ruffin Gregory | | United Oil | production function | technological change | capital accumulation | Journal Jul | oil prices | inflation unemployment | basic research | research development | MA Addison-Wesley | appropriability research | gregory 39 | long-term growth | ruffin gregory 39 |  
   
 
 
 
   
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