Editing Funding of science (section)

=== Recessions ===
In crisis, business R&D tends to act [[Procyclical and countercyclical variables|procyclically]].<ref>{{Cite journal |last=Barlevy |first=Gadi |date=2007-08-01 |title=On the Cyclicality of Research and Development |url=https://pubs.aeaweb.org/doi/10.1257/aer.97.4.1131 |journal=American Economic Review |language=en |volume=97 |issue=4 |pages=1131–1164 |doi=10.1257/aer.97.4.1131 |issn=0002-8282 |archive-date=2023-11-01 |access-date=2022-04-12 |archive-url=https://web.archive.org/web/20231101044216/https://www.aeaweb.org/articles?id=10.1257/aer.97.4.1131 |url-status=live }}</ref> As R&D is a long-term investments and so disruptions should be avoided Keynesian [[Procyclical and countercyclical variables|countercyclical]] reactions were advocated for in the wake of the 2008 financial crisis, but this was difficult to achieve for some countries.<ref>{{Cite journal |last1=Guellec |first1=Dominique |last2=Wunsch-Vincent |first2=Sacha |date=2009-06-01 |title=Policy Responses to the Economic Crisis: Investing in Innovation for Long-Term Growth |url=https://www.oecd-ilibrary.org/science-and-technology/policy-responses-to-the-economic-crisis_222138024482 |journal=OECD Digital Economy Papers |language=en |doi=10.1787/222138024482 |doi-access=free |archive-date=2023-04-29 |access-date=2022-04-13 |archive-url=https://web.archive.org/web/20230429235630/https://www.oecd-ilibrary.org/science-and-technology/policy-responses-to-the-economic-crisis_222138024482 |url-status=live |url-access=subscription }}</ref><ref>{{Cite journal |last1=Abi Younes |first1=George |last2=Ayoubi |first2=Charles |last3=Ballester |first3=Omar |last4=Cristelli |first4=Gabriele |last5=de Rassenfosse |first5=Gaétan |last6=Foray |first6=Dominique |last7=Gaulé |first7=Patrick |last8=Pellegrino |first8=Gabriele |last9=van den Heuvel |first9=Matthias |last10=Webster |first10=Elizabeth |last11=Zhou |first11=Ling |date=2021-04-24 |title=COVID-19: Insights from innovation economists |url=https://academic.oup.com/spp/article/47/5/733/5865508 |journal=Science and Public Policy |language=en |volume=47 |issue=5 |pages=733–745 |doi=10.1093/scipol/scaa028 |issn=0302-3427 |pmc=7337780 |archive-date=2023-08-08 |access-date=2022-04-12 |archive-url=https://web.archive.org/web/20230808085657/https://academic.oup.com/spp/article/47/5/733/5865508 |url-status=live }}</ref> Due to the nature of COVID-19, the pandemic accelerated publicly funded R&D spending in 2020, primarily into the [[pharmaceutical industry]]. A fall is expected in spending for 2021, although not below 2020 levels.<ref>{{Cite web |last=OECD Directorate for Science, Technology and Innovation |date=March 2022 |title=OECD Main Science and Technology Indicators. R&D Highlights in the March 2022 Publication |url=http://www.oecd.org/sti/msti2022.pdf |access-date=2022-04-13}}</ref> The pandemic made health research and sectors with strategic value-chain dependencies the main target of science funding.<ref>{{Cite web |last=UNESCO |date=2021 |title=UNESCO Science Report: The race against time for smarter development |url=https://unesdoc.unesco.org/ark:/48223/pf0000377433 |access-date=2022-04-13 |website=unesdoc.unesco.org |archive-date=2021-09-16 |archive-url=https://web.archive.org/web/20210916163313/https://unesdoc.unesco.org/ark:/48223/pf0000377433 |url-status=live }}</ref>