Labor prices now account for about two-thirds of U. S. companies’ education and development (R&D), illustrating how important highly professional skill is to the U. S. economy. By comparison, only about 13% of input prices on American farms for crop production are related to hard work. (It is 39% for special crops).
“Labor prices accounted for $372 billion in R&D spending by U. S. companies in 2020, or more than two-thirds of the $538 billion in R&D spending by companies,” according to a recent report by the Center on National Clinical and Technical Statistics. “In 2020, those hard-work prices included $300 billion in wages, salaries, and benefits; $48. 3 billion in stock-based compensation; and $23. 5 billion in transition staff.
“In all sectors, R&D relies on the artistic input of professional and highly skilled workers, but the prices of hard work as a percentage of overall R&D functionality vary across all sectors analyzed through EBRD [ Research and Development Survey of Business Enterprises.
More than 80% of R in the sector
At U. S. universities, only 25 to 30 percent of graduate full-time academics in electrical engineering, computer science, and data science are U. S. academics. This means that a law that expands access to foreign-born scientists and engineers can prove enormously beneficial to businesses, educational research, and the U. S. economy.
Despite the significant benefits to the U. S. of immigrants with technical skills, Senator Charles Grassley (R-IA) almost called it sensible to include a critical immigration measure in the CHIPS and Science Act of 2022, even though signed the bill into law on August 9, 2022. Grassley blocked a waiver of annual green card limits and arrears for foreign nationals with doctorates in STEM fields and those with a master’s degree “in an industry criticism”. Republican Leader Mitch McConnell (R-KY) gave Grassley, the most level-headed Republican member of the Senate Judiciary Committee, a veto over any immigration measures contained in the bill, and no other Republican senators weighed in on the convention committee. of the House and Senate to convince Grassley. , thus condemning the measure approved in the House.
“The benefits of R&D are greater than the prices for the corporations that conduct it, but even greater for the country as a whole,” according to Mark Regets, a hard-working economist and senior fellow at the National Foundation for Research. American Policy (NFAP). ). Array “New wisdom spreads beyond the company, and new products gain benefits for Americans and other corporations that use them. »
Regets notes that innovative firms in America say having talent available is essential. “Without access to the best scientists and engineers, much of this research would not get done or would go elsewhere. Even with much easier international transmission of knowledge, there are huge benefits to being near where R&D is done—that is why research clusters like Silicon Valley form.”
Because science uses increasingly complex tools and tools, other people think it is capital-intensive, Regets said. “But it’s the others who matter most. “
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