The objective of the Board on Science, Technology, and Economic Policy (STEP) is to integrate understanding of scientific, technological, and economic elements in the formulation of national policies affecting the economic well-being of the United States.  Policymakers responsible for trade, economic, science, and technology policy in the Executive Branch and Congress are the principal audience for the Board's work.

STEP's focus is on the dynamics of macroeconomic and microeconomic variables, their relationship to the industrial structure of the economy, effect on high-technology manufacturing and service sectors, and influence on U.S. scientific and technological advancement through examination of such issues as

• the composition of industrialized nations' investment portfolios (plant and equipment, infrastructure, human resources, etc.) and their bearing on productivity growth;
• the quality and quantity of U.S. investments in "intangible" capital -- education, training, and research and development;
• the impact of new technologies on firm performance, job creation and destruction, and wage and skill levels; and
• increased international competition in technology and market development and its challenges for the multilateral trading system and scientific and technical cooperation.

STEP's mode of operation is to design and oversee policy studies that examine existing data bearing on an issue, seek analysis and informed opinion, and attempt to arrive at consensus judgments and recommendations.  Whether conducted by the Board or specially commissioned panels of experts, these studies result in monographs that are subject to the peer review procedures of the National Research Council.  Other products include white papers, conferences, workshops and seminars designed to contribute to the policy dialogue without necessarily arriving at conclusions endorsed by the Board or the National Research Council.