When it comes to federal investment in research and development, failures like Solyndra are held up as evidence of wasteful government spending while success stories go largely unnoticed. But what kind of returns do we see on investments in scientific research by government? And should government funding emphasize basic or more practical, applied research? To answer those questions and more, I'm joined today by Benjamin F. Jones.

Ben is a professor of Entrepreneurship and Strategy at Northwestern University as well as the faculty director of the Kellogg Innovation and Entrepreneurship Initiative. This summer he authored "Science and Innovation: The Under-Fueled Engine of Prosperity."