Andrew Fieldhouse
@fieldhouse.bsky.social
Assistant Professor of Finance, Mays Business School, Texas A&M. Empirical macro and macrofinance, credit policy and mortgage markets, business cycles, R&D, innovation, and growth
Pinned
Andrew Fieldhouse
@fieldhouse.bsky.social
· May 16
Recent evidence finds a strong causal link between public research and development and private-sector productivity growth. A study on the potential productivity effects from the CHIPS Act, from @fieldhouse.bsky.social and Karel Mertens https://www.nber.org/papers/w33780
Very excited about our new paper on the large social returns to public R&D spending, which was prepared for the @NBER Entrepreneurship and Innovation Policy and the Economy Conference, 2025
Reposted by Andrew Fieldhouse
November 14, 2025 at 8:09 PM
Reposted by Andrew Fieldhouse
I have a new essay in Bloomberg Weekend about how important government science is to advanced tech like SpaceX's Starship, and what we can expect from big cuts to government R&D:
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
What Happens When the US Stops Funding the Science Behind SpaceX?
NASA’s shrinking budget threatens the public science behind SpaceX’s success, and it could weaken America’s ability to develop breakthrough technologies.
www.bloomberg.com
October 24, 2025 at 3:34 PM
I have a new essay in Bloomberg Weekend about how important government science is to advanced tech like SpaceX's Starship, and what we can expect from big cuts to government R&D:
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
Reposted by Andrew Fieldhouse
in which one of my favorite modern econ papers is referenced: government nondefense R&D accounts for about a fifth of post-World War II business-sector productivity growth in the US
October 26, 2025 at 9:15 PM
in which one of my favorite modern econ papers is referenced: government nondefense R&D accounts for about a fifth of post-World War II business-sector productivity growth in the US
I really enjoyed speaking with David Rotman for this excellent new piece in the MIT Technology Review, which cites two of our papers on the returns to government R&D investments: t.co/YjTsXgopVp
https://www.technologyreview.com/2025/09/17/1123760/how-to-measure-the-returns-to-rd-spending/
t.co
September 17, 2025 at 4:21 PM
I really enjoyed speaking with David Rotman for this excellent new piece in the MIT Technology Review, which cites two of our papers on the returns to government R&D investments: t.co/YjTsXgopVp
Reposted by Andrew Fieldhouse
I don’t think I have ever publicly criticized any Presidential nominee before.
But E.J. Antoni is completely unqualified to be BLS Commissioner. He is an extreme partisan and does not have any relevant expertise.
He would be a break from decades of nonpartisan technocrats.
But E.J. Antoni is completely unqualified to be BLS Commissioner. He is an extreme partisan and does not have any relevant expertise.
He would be a break from decades of nonpartisan technocrats.
August 11, 2025 at 11:19 PM
I don’t think I have ever publicly criticized any Presidential nominee before.
But E.J. Antoni is completely unqualified to be BLS Commissioner. He is an extreme partisan and does not have any relevant expertise.
He would be a break from decades of nonpartisan technocrats.
But E.J. Antoni is completely unqualified to be BLS Commissioner. He is an extreme partisan and does not have any relevant expertise.
He would be a break from decades of nonpartisan technocrats.
Reposted by Andrew Fieldhouse
In my column yesterday about the Bureau of Labor Statistics, I explained the agency needs a leader committed to the data and its reporting, not the president. I called it the difference between a watchdog and a lapdog.
Prime example of the latter:
www.washingtonpost.com/politics/202...
Prime example of the latter:
www.washingtonpost.com/politics/202...
Trump economic adviser defends firing of labor official after soft jobs report
Kevin Hassett pointed to the scale of hiring data revisions when asked for evidence to support Trump’s claims that the jobs report was politically rigged.
www.washingtonpost.com
August 3, 2025 at 7:39 PM
In my column yesterday about the Bureau of Labor Statistics, I explained the agency needs a leader committed to the data and its reporting, not the president. I called it the difference between a watchdog and a lapdog.
Prime example of the latter:
www.washingtonpost.com/politics/202...
Prime example of the latter:
www.washingtonpost.com/politics/202...
Great piece on the centrality of federal science & technology funding for U.S. national security by Frank Rose, former Principal Deputy Administrator of the NNSA, in @defenseone.bsky.social: www.defenseone.com/ideas/2025/0...
To build 'peace through strength,' restore this pillar of US power
Administration cuts are breaking the federal-academic partnership that incubates U.S. technology and talent.
www.defenseone.com
July 29, 2025 at 3:35 PM
Great piece on the centrality of federal science & technology funding for U.S. national security by Frank Rose, former Principal Deputy Administrator of the NNSA, in @defenseone.bsky.social: www.defenseone.com/ideas/2025/0...
I really enjoyed doing this interview w/ @faculti.bsky.social about my recent papers 'The Social Returns to Public R&D' and an earlier paper 'The Returns to Government R&D: Evidence from U.S. Appropriations Shocks', both joint with Karel Mertens (Dallas Fed)
July 25, 2025 at 4:06 AM
I really enjoyed doing this interview w/ @faculti.bsky.social about my recent papers 'The Social Returns to Public R&D' and an earlier paper 'The Returns to Government R&D: Evidence from U.S. Appropriations Shocks', both joint with Karel Mertens (Dallas Fed)
Reposted by Andrew Fieldhouse
If government-funded research delivers such enormous economic returns, why does Washington keep cutting it? @fieldhouse.bsky.social , Mays Business School , @tamu.bsky.social , discusses: lnkd.in/d9sJKNvs
#finance
#finance
July 24, 2025 at 5:03 PM
If government-funded research delivers such enormous economic returns, why does Washington keep cutting it? @fieldhouse.bsky.social , Mays Business School , @tamu.bsky.social , discusses: lnkd.in/d9sJKNvs
#finance
#finance
Reposted by Andrew Fieldhouse
If government-funded research delivers such enormous economic returns, why does Washington keep cutting it? @fieldhouse.bsky.social , Mays Business School , @tamu.bsky.social , discusses: lnkd.in/d9sJKNvs
#finance
#finance
July 24, 2025 at 4:59 PM
If government-funded research delivers such enormous economic returns, why does Washington keep cutting it? @fieldhouse.bsky.social , Mays Business School , @tamu.bsky.social , discusses: lnkd.in/d9sJKNvs
#finance
#finance
Reposted by Andrew Fieldhouse
This also includes some provisions that the parliamentarian advised violate the Byrd rule. Some will get cured, but the cost will go up by as much as $450 billion (my guess is maybe around $250 billion, but that's a rough estimate).
June 29, 2025 at 3:48 AM
This also includes some provisions that the parliamentarian advised violate the Byrd rule. Some will get cured, but the cost will go up by as much as $450 billion (my guess is maybe around $250 billion, but that's a rough estimate).
Reposted by Andrew Fieldhouse
CBO cost estimate of the Senate GOP bill is out! But this is the version where they pretend $3.76 trillion of tax cuts are actually free.
When you account for that CBO estimates that their bill will increase deficits by $3.3 trillion over the decade, much more expensive than the House.
When you account for that CBO estimates that their bill will increase deficits by $3.3 trillion over the decade, much more expensive than the House.
Estimated Budgetary Effects of an Amendment in the Nature of a Substitute to H.R. 1, the One Big Beautiful Bill Act, Relative to the Budget Enforcement Baseline for Consideration in the Senate
As posted on the website of the Senate Committee on the Budget on June 27, 2025
www.cbo.gov
June 29, 2025 at 3:48 AM
CBO cost estimate of the Senate GOP bill is out! But this is the version where they pretend $3.76 trillion of tax cuts are actually free.
When you account for that CBO estimates that their bill will increase deficits by $3.3 trillion over the decade, much more expensive than the House.
When you account for that CBO estimates that their bill will increase deficits by $3.3 trillion over the decade, much more expensive than the House.
Reposted by Andrew Fieldhouse
Slashing government R&D (Research and Development) isn’t just a budget cut – it’s a blow to U.S. innovation and long-term growth.
A recent study finds that federal science funding has driven over 20% of productivity gains since WWII.
buff.ly/dPSrknT
#innovation #science #USPolitics
A recent study finds that federal science funding has driven over 20% of productivity gains since WWII.
buff.ly/dPSrknT
#innovation #science #USPolitics
Federal R&D funding boosts productivity for the whole economy − making big cuts to such government spending unwise
Government R&D encompasses all innovative work the government directly pays for, regardless of who does it.
buff.ly
June 13, 2025 at 6:48 AM
Slashing government R&D (Research and Development) isn’t just a budget cut – it’s a blow to U.S. innovation and long-term growth.
A recent study finds that federal science funding has driven over 20% of productivity gains since WWII.
buff.ly/dPSrknT
#innovation #science #USPolitics
A recent study finds that federal science funding has driven over 20% of productivity gains since WWII.
buff.ly/dPSrknT
#innovation #science #USPolitics
Reposted by Andrew Fieldhouse
Reposted by Andrew Fieldhouse
NEW FROM CBO: brutal distributional analysis of House GOP "Big Beautiful Bill"
On avg the bottom 30% of households get poorer under the GOP bill
Avg gets little - and are worse off if you include tariffs
This'd be the largest transfer of wealth from the poor to the rich in a single law in history
On avg the bottom 30% of households get poorer under the GOP bill
Avg gets little - and are worse off if you include tariffs
This'd be the largest transfer of wealth from the poor to the rich in a single law in history
June 12, 2025 at 3:02 PM
NEW FROM CBO: brutal distributional analysis of House GOP "Big Beautiful Bill"
On avg the bottom 30% of households get poorer under the GOP bill
Avg gets little - and are worse off if you include tariffs
This'd be the largest transfer of wealth from the poor to the rich in a single law in history
On avg the bottom 30% of households get poorer under the GOP bill
Avg gets little - and are worse off if you include tariffs
This'd be the largest transfer of wealth from the poor to the rich in a single law in history
Reposted by Andrew Fieldhouse
Short piece but BIG picture.
I have a new short piece out this morning in the
@us.theconversation.com summarizing my research w/ Karel Mertens (Dallas Fed) on the economic benefits of government-funded R&D: theconversation.com/federal-rand...
@us.theconversation.com summarizing my research w/ Karel Mertens (Dallas Fed) on the economic benefits of government-funded R&D: theconversation.com/federal-rand...
Federal R&D funding boosts productivity for the whole economy − making big cuts to such government spending unwise
Government R&D encompasses all innovative work the government directly pays for, regardless of who does it.
theconversation.com
June 12, 2025 at 2:33 PM
Short piece but BIG picture.
I have a new short piece out this morning in the
@us.theconversation.com summarizing my research w/ Karel Mertens (Dallas Fed) on the economic benefits of government-funded R&D: theconversation.com/federal-rand...
@us.theconversation.com summarizing my research w/ Karel Mertens (Dallas Fed) on the economic benefits of government-funded R&D: theconversation.com/federal-rand...
Federal R&D funding boosts productivity for the whole economy − making big cuts to such government spending unwise
Government R&D encompasses all innovative work the government directly pays for, regardless of who does it.
theconversation.com
June 12, 2025 at 2:26 PM
I have a new short piece out this morning in the
@us.theconversation.com summarizing my research w/ Karel Mertens (Dallas Fed) on the economic benefits of government-funded R&D: theconversation.com/federal-rand...
@us.theconversation.com summarizing my research w/ Karel Mertens (Dallas Fed) on the economic benefits of government-funded R&D: theconversation.com/federal-rand...
Reposted by Andrew Fieldhouse
this is quite the axe and i would be surprised if congress is happy with it
May 30, 2025 at 8:30 PM
this is quite the axe and i would be surprised if congress is happy with it
Reposted by Andrew Fieldhouse
The Presidents Budget Request for NASA is out. It’s a bloodbath
Canceled are DAVINCI, VERITAS, Juno, OSIRIS-APEX, US participation in ExoMars and EnVision…
Huge cut to R&A. No funding to begin development of the Uranus Orbiter.
If you’ve ever cared about NASA, time to contact congress.
Canceled are DAVINCI, VERITAS, Juno, OSIRIS-APEX, US participation in ExoMars and EnVision…
Huge cut to R&A. No funding to begin development of the Uranus Orbiter.
If you’ve ever cared about NASA, time to contact congress.
May 30, 2025 at 8:30 PM
The Presidents Budget Request for NASA is out. It’s a bloodbath
Canceled are DAVINCI, VERITAS, Juno, OSIRIS-APEX, US participation in ExoMars and EnVision…
Huge cut to R&A. No funding to begin development of the Uranus Orbiter.
If you’ve ever cared about NASA, time to contact congress.
Canceled are DAVINCI, VERITAS, Juno, OSIRIS-APEX, US participation in ExoMars and EnVision…
Huge cut to R&A. No funding to begin development of the Uranus Orbiter.
If you’ve ever cared about NASA, time to contact congress.
Reposted by Andrew Fieldhouse
Three things made the US a rich and powerful nation: the rule of law, its science & innovation system, and openness to foreign talent. Remarkable how Trump has taken a sledgehammer to all three. No enemy of this country could do more.
May 22, 2025 at 11:09 PM
Three things made the US a rich and powerful nation: the rule of law, its science & innovation system, and openness to foreign talent. Remarkable how Trump has taken a sledgehammer to all three. No enemy of this country could do more.
I really enjoyed being interviewed and chatting with Wendy Zukerman about my research on the economic benefits of federal science and R&D funding for this latest
@sciencevs.bsky.social podcast episode:
@sciencevs.bsky.social podcast episode:
NEW SCIENCE VS EPISODE out discussing what's going on with U.S. science under the Trump administration — and how scientists are fighting back. We hear from fan fave @maxkozlov.bsky.social at @nature.com.
PLUS: Does funding science do anything for the economy?🧪
open.spotify.com/episode/4A9A...
PLUS: Does funding science do anything for the economy?🧪
open.spotify.com/episode/4A9A...
The War Keeps Raging Against Science
Science Vs · Episode
open.spotify.com
May 22, 2025 at 8:18 PM
I really enjoyed being interviewed and chatting with Wendy Zukerman about my research on the economic benefits of federal science and R&D funding for this latest
@sciencevs.bsky.social podcast episode:
@sciencevs.bsky.social podcast episode:
Reposted by Andrew Fieldhouse
If enacted, this would be the largest transfer of wealth from the poor to the rich in a single law in U.S. history.
New from CBO: the Republican budget reconciliation plan would hurt the poorest Americans while helping the richest Americans
May 21, 2025 at 1:19 AM
If enacted, this would be the largest transfer of wealth from the poor to the rich in a single law in U.S. history.
Reposted by Andrew Fieldhouse
New from CBO: the Republican budget reconciliation plan would hurt the poorest Americans while helping the richest Americans
May 21, 2025 at 1:10 AM
New from CBO: the Republican budget reconciliation plan would hurt the poorest Americans while helping the richest Americans
Reposted by Andrew Fieldhouse
Fantastic thread on an important paper. Andrew's previous paper ("The Returns to Government R&D: Evidence from U.S. Appropriations Shocks") also worth a read.
Very excited about our new paper on the large social returns to public R&D spending, which was prepared for the @NBER Entrepreneurship and Innovation Policy and the Economy Conference, 2025
Recent evidence finds a strong causal link between public research and development and private-sector productivity growth. A study on the potential productivity effects from the CHIPS Act, from @fieldhouse.bsky.social and Karel Mertens https://www.nber.org/papers/w33780
May 16, 2025 at 8:40 PM
Fantastic thread on an important paper. Andrew's previous paper ("The Returns to Government R&D: Evidence from U.S. Appropriations Shocks") also worth a read.
Very excited about our new paper on the large social returns to public R&D spending, which was prepared for the @NBER Entrepreneurship and Innovation Policy and the Economy Conference, 2025
Recent evidence finds a strong causal link between public research and development and private-sector productivity growth. A study on the potential productivity effects from the CHIPS Act, from @fieldhouse.bsky.social and Karel Mertens https://www.nber.org/papers/w33780
May 16, 2025 at 8:24 PM
Very excited about our new paper on the large social returns to public R&D spending, which was prepared for the @NBER Entrepreneurship and Innovation Policy and the Economy Conference, 2025