Economic impact of research is often quantified through return-on-investment studies, gross-value-added estimates, jobs created or supported, license and royalty revenues, spin-out companies, and cost savings to public services. Methods include macroeconomic input-output modelling (e.g. BiGGAR Economics studies for UK universities), payback approaches (Wellcome Trust), and case-based evidence aggregation. Critics note that economic impact estimates can be highly sensitive to attribution assumptions and that intangible or long-tail effects are systematically under-counted.
References
- Buxton M, Hanney S 'Wellcome Trust payback model' 1996. BiGGAR Economics 'Economic impact of the Russell Group' 2018. NESTA innovation studies.