This paper seeks to assess the current state of academic research in light of long-term trends in the development of science. It presents three perspectives on the growth of scientific research: (1) Derek de Solla Price's (1963) hypothesis that science has exhibited exponential growth, roughly doubling every 15 years since the 17th century; (2) National Science Foundation (NSF) data on research and development (R&D) expenditures in the United States, which demonstrate a constant relationship to gross domestic product (GDP) since the 1960s; and (3) a more nuanced approach that shows that since the mid-1980s, development has experienced relative decline, applied research has been stable, and basic research has expanded slightly, even while academic research has exhibited vigorous, exponential growth. The paper then discusses how universities in the 20th century have had to implement new organizational arrangements in order to claim an increasing share of GDP for research. It argues that in the current funding environment, universities seem unlikely to extend the previous growth, despite robust demand for basic research in American society. (Contains 16 references.) (MDM)