Determining priorities and investment levels in scientific research and development

The differing viewpoints on resource allocation in research and development are reviewed and the criteria for rational planning discussed. The significance of different sets of criteria and their practicability are explored and it is concluded that the application of cost-benefit analysis methods, while imperfect, is the best basis for rational decisionmaking in the present state of knowledge. Society has as yet no clearly defined goals and this poses problems for the analyst particularly since social attitudes appear to be undergoing a particularly rapid change at the present time.