Leaving the EU Will Hurt British Science

While London Mayor Boris Johnson is campaigning for an exit of Britain from the European Union, his brother Jo, a member of parliament and minister of state for universities and science, takes a rather different view. In a speech at the University of Cambridge on Thursday he argued that while Britain could “survive” outside of the EU, it would put Britain’s status as a “science superpower” at risk.

That’s a serious problem. If there is one thing that economics teaches us, it is that continued economic growth would not be possible without scientific advance. Across the economy, the majority of economic growth in the long run can be attributed to innovation, included in what economists call total factor productivity. And rather than being substitutes, public and private sector research and development are mutually reinforcing.