Some economists argue that this is not a factor in the slowdown. Some argue that the declining investment in infrastructure serves as a drag on productivity. In his analysis of the sources of economic growth, Kuznets found that technology was the driving force behind growth. He argued that the quality of capital is more important than the sheer quantity of capital. The quality of capital is improved through scientific discovery, which is the result of research.
Basic research has less of an immediate payoff.
But basic research yields a higher rate of return to society as a whole. Applied research is being done more than basic research because of the immediate payoff.