The phrase research and development (also R and D or, more often, R&D), according to the Organization of Economic Cooperation and Development, refers to "creative work undertaken on a systematic basis in order to increase the stock of knowledge, including knowledge of man, culture and society, and the use of this stock of knowledge to devise new applications"
R&D has a special economic significance apart from its conventional association with scientific and technological development. R&D investment generally reflects a government's or organization's willingness to forego current operations or profit to improve future performance or returns, and its abilities to conduct research and development.