Summary: In the commercial context, research and development, or R&D, is a strategic choice made by a business in the pursuit of competitive advantage. But what does this for governments funded R&D? Should society expect an immediate return on investment in the same way? On this episode of Think Business Futures, we turn the tables on our co-host Nicole Sutton, to ask why a society would choose to fund R&D with taxpayer money. Further Reading: •You can read more about the CSIRO's early history here •David Thodey (@davidthodey) is the current chair of the Commonwealth Scientific and Industrial Research Organisation or CSIRO •The Science and Industry Research Act (1949) established the CSIRO. You can read the act here. •Australia 2030: Prosperity Through Innovation •Oliver Williamson developed Transaction Cost Economics, for which he was awarded the Nobel Prize. •You can read Nicole's research on the Australian cotton industry here
