But what's the bottom line?

What output indicator is it appropriate to take for economically purposive research? Is it the successful completion of the research, or its successful commercialisation, or its commercialisation in such a way that benefits accrue to the nation? This paper explores the divergence between the second and third of these “bottom lines”. For taxpayers it is the third that counts. Five items are suggested for a research and training agenda to improve performance from this point of view.