Matt Clancy

To celebrate the debut of the Atlas of Innovation, a guide to funding innovation from IFP and the Market Shaping Accelerator, a thread of my favorite Atlas illustrations (by R. Kikuo Johnson)! First: “milestone payments” - get it? (Atlas explainer here: www.abundanceandgrowth.org/p/an-atlas-o...)

Lastly, I think the most original illustration is for “Advance Market Commitments,” where we imagine building a town to provide a rationale for a train line to enter the region.

To celebrate the debut of the Atlas of Innovation, a guide to funding innovation from IFP and the Market Shaping Accelerator, a thread of my favorite Atlas illustrations (by R. Kikuo Johnson)! First: “milestone payments” - get it? (Atlas explainer here: www.abundanceandgrowth.org/p/an-atlas-o...)

Third, we have “Research Contracts,” - when you just tell a performer exactly what you want them to do.

To celebrate the debut of the Atlas of Innovation, a guide to funding innovation from IFP and the Market Shaping Accelerator, a thread of my favorite Atlas illustrations (by R. Kikuo Johnson)! First: “milestone payments” - get it? (Atlas explainer here: www.abundanceandgrowth.org/p/an-atlas-o...)

It’s a debate between @jdworkin.bsky.social and @stuartbuck.bsky.social on the value of replicating research!

Are you a PhD student interested in the economics of innovation? The Economics of Ideas, Science, and Innovation Online short course, hosted by IFP, is back for the third time! ifp.org/economics-of...

Apply by January 9, 2026 (this Friday!) for consideration. Be sure to share with the less online students you know. We welcome applications from anyone who has completed the equivalent of a first year economics PhD. ifp.org/economics-of...

Are you a PhD student interested in the economics of innovation? The Economics of Ideas, Science, and Innovation Online short course, hosted by IFP, is back for the third time! ifp.org/economics-of...

6. Science and the Returns to R&D, Matt Clancy (me) 7. AI and Innovation, Kevin Bryan 8. Innovation Policy, John Van Reenen 9. Immigration and Innovation, Michael Clemens 10. Regulation, Heidi Williams

Are you a PhD student interested in the economics of innovation? The Economics of Ideas, Science, and Innovation Online short course, hosted by IFP, is back for the third time! ifp.org/economics-of...

The course runs from early February through late March. Each week is an interactive zoom lecture from a different expert in the relevant field, plus a meeting with a small group of other students to discuss assigned readings.

New research by Pierre Azoulay, Danielle Li, Bhaven Sampat and me. Earlier this year, the President’s budget proposed a 40% cut to the budget of the NIH. This motivated us to ask: what if the NIH had been 40% smaller?

We find that drugs that cite at-risk research are, on average, no less likely to get priority reviews at FDA and do not have worse implied valuations by the stock market. In short, we don’t have reason to believe drugs linked to at-risk research are worse.

New research by Pierre Azoulay, Danielle Li, Bhaven Sampat and me. Earlier this year, the President’s budget proposed a 40% cut to the budget of the NIH. This motivated us to ask: what if the NIH had been 40% smaller?

Finally, it’s less common, but in some cases, drugs directly acknowledge support from specific NIH grants in their patents. Only 40 drugs acknowledge NIH grant support, but of that group, 14 (35%) acknowledge support from a grant that is at-risk.

New research by Pierre Azoulay, Danielle Li, Bhaven Sampat and me. Earlier this year, the President’s budget proposed a 40% cut to the budget of the NIH. This motivated us to ask: what if the NIH had been 40% smaller?

This doesn’t mean 51% of drugs wouldn’t exist if the NIH had been 40% smaller. Various caveats cut in different ways (see discussion in the online appendix). But we take this as evidence that the benefits of at-risk NIH research are wide and diffuse.

New research by Pierre Azoulay, Danielle Li, Bhaven Sampat and me. Earlier this year, the President’s budget proposed a 40% cut to the budget of the NIH. This motivated us to ask: what if the NIH had been 40% smaller?

Would anyone miss the research funded by these at-risk grants? To help assess that, we link these at-risk grants to drugs, focusing on all 557 FDA approvals for new molecular entities approved in the 21st century.

New research by Pierre Azoulay, Danielle Li, Bhaven Sampat and me. Earlier this year, the President’s budget proposed a 40% cut to the budget of the NIH. This motivated us to ask: what if the NIH had been 40% smaller?

The Abundance and Growth Fund at Open Philanthropy is hiring! We’re looking for 2-4 people to help expand this new $120+ million program to accelerate economic growth and reduce the cost of living through strategic grantmaking and research. (1/4) www.openphilanthropy.org/research/ann...

There are two kinds of position posted, which we’re calling specialists (who will focus on 1-2 of the above areas) and generalists (who will have a broader portfolio). Full job descriptions below. (3/4) Specialist: shorturl.at/yF9Hq Generalist: shorturl.at/aWGnm

The Abundance and Growth Fund at Open Philanthropy is hiring! We’re looking for 2-4 people to help expand this new $120+ million program to accelerate economic growth and reduce the cost of living through strategic grantmaking and research. (1/4) www.openphilanthropy.org/research/ann...