Getting the most from public R&D spending in times of budgetary austerity (Reinhilde Veugelers, Bruegel)

The dangerous cocktail of high debt and low growth in Europe calls for smart public investment that fosters growth whithout being a burden for public finances. Can public spending in R&D sustain innovation and growth, and does it qualify as a smart investment?

http://bruegel.org/2016/02/getting-the-most-from-public-rd-spending-in-times-of-budgetary-austerity/