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Europe bets R&D spending will bring jobs to battered economy.

The European Union wants a massive dose of research spending to lift it out of what could be the worst recession in its history. Last week, as part of a €1.85 trillion budget and pandemic recovery proposal, the European Commission, the European Union9s executive arm, unveiled plans to pump €94.4 billion into research over 7 years, nearly €11 billion more than originally planned for the program, called Horizon Europe. Based on its own economic models, the Commission says R&D spending will drive productivity, employment, and competitiveness. But some economists say the evidence for those effects is limited.