By Steve Goldstein
WASHINGTON (MarketWatch) -- In a speech that didn't touch on monetary policy or the current state of the economy, Federal Reserve Chairman Ben Bernanke said more could be done to increase the number of U.S. students entering scientific and engineering professions, spoke out in favor of immigration for highly skilled scientists and researchers, and said government support for research and development is likely to get better results if that support is stable. Bernanke spoke in favor of government involvement in research and development, noting past successes and that the private sector won't supply certain types of research when the full economic value of a scientific advance is unlikely to accrue to its discoverer. In the U.S., R&D spending has been relatively stable over the past three decades, at roughly 2.5% of GDP, though the federal government's role has trended down since the 1970s.
