The American research university system as America's de facto technology policy

The American research university system is largely thought of by policymakers in terms of its contribution to basic research. The direct contribution of universities to technical advance in industry has largely been overlooked. The policy implications of this misguided perspective have been profound: Universities have undermined efforts to support applied research initiatives and at the same time their funding quests have led to a rich mix of applied research despite the system. Also industry has bemoaned the university community's lack of interest in industrially useful R&D. The opportunity cost of not recognizing that the American research university community is a key element of America's de facto technology policy has been huge.