Science Versus Profit in Research
AbstractThis paper deals with Science and Technology in research policy. Following recent literature on the economics of knowledge, Science and Technology are defined as distinct institutional arrangements, broadly corresponding to nonmarket and market allocation mechanisms. Previous analyses argued that Science and Technology can and should coexist within an economic system or society. This paper shows that Science and Technology tend to coexist- and should coexist on welfare grounds-also within the same research field, and even when researchers are perfectly identical. Our analysis was inspired by the race to sequence the human genome, but the proposed theoretical framework can also be used to assess the recent evolution of other research fields, e.g., research on GMOs. The paper also provides guidelines for policies designed to achieve the optimal size of public research within a given research field. (JEL: D78, H4, H23, O32, O38) Copyright (c) 2003 The European Economic Association.
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Bibliographic InfoArticle provided by MIT Press in its journal Journal of the European Economic Association.
Volume (Year): 1 (2003)
Issue (Month): 2-3 (04/05)
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- D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
- H4 - Public Economics - - Publicly Provided Goods
- H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
- O32 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Management of Technological Innovation and R&D
- O38 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Government Policy
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