Nanotechnology is a promising research domain with potential and enormous economic value. It is widely acknowledged that nanotechnology, as an emerging and rapidly evolving field with the multidisciplinary nature, is perceived as proximate fields of science and technology. This study provides a further description of the relationship between science and technology at macro-level. The core objective in this paper is to qualify and assess the dynamic associations between scientific activity and technological output. We attempt to illustrate how science and technology relate one another in the case of innovation system. In this paper, we take advantage of the simultaneous equations model to analyze the reciprocal dependence between science and technology. Previous studies about the relationship between science and technology infrequently adopt this model. Our result shows that there is no significant connection between R&D expenditures and actual practices of research in terms of publications and patents for the universities in zone 1 and 2. Our results provoke questions about whether policy-makers should appropriately reallocate scientific and technological resources and other R&D expenditures so as to obtain optimal allocation for resource and achieve maximum results with little effort for scientific research and innovation performance.
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