of the doubling in the gross output per man-hour over the years 1909–1949 is to be
attributed to technical change, and only the remainder to an increase of capital.
However, despite the significance of and the piqued interest in, there is yet a
limited understanding of how technological change comes about, how
entrepreneurs could or should direct research and development activities, and
which role the public sector could or should play. Here, we elaborate on making
decisions in research and development activities over time and the role of (i)
existential and technological uncertainty