In this chapter, the authors argue that there is a need to reconstruct research policy as a cornerstone that promotes the growth and welfare of societies. They suggest that this can be achieved by linking and connecting the scholarship of higher education studies, innovation studies and science and technology studies. They demonstrate how a critical knowledge approach addressing interrelated areas can be applied in ways that will expand the vision of the role of research. This is of significance in a context where policies have limited the vision of research to support innovation-led economic growth as means to compensate for the relocation of industry- or production-led growth from Organisation for Economic Co-operation and Development (OECD) countries to emerging economies. The authors approach this by examining the current macroeconomic approaches that influence and drive contemporary policies of research funding and the implications of those policies for the funding of research. In doing so, they aim to deepen understanding of what can be expected from university and industry engagement in different contexts.