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Science And Its Transactions Cost: The Emergence Of Institutionalized Science

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Author Info
George Grantham ()
Abstract

Cognitive obstacles to perception of novelty on the scientific frontier created obstacles to evaluating scientific work and recruiting scientific workers had to be overcome for the scientific enterprise to expand to the point where it could significantly affect factor productivity. The principal problems arise from the idiosyncracy of observations on the research frontier and the exceptional specificity of the human capital employed in identifying and validating scientific novelty. Resolution of these problems was by no means inevitable or predictable, as the scientific institutions which had emerged as the principal institutional support of ‘Open Science’ in the seventeenth and eighteenth century could not be efficiently scaled up to accommodate the requirements of a greatly expanded scientific enterprise. This paper recounts how in the second quarter of the nineteenth century the emergence of decentralized university-based research networks in Germany resolved the problem of scale, laying the foundations for the discoveries that powered the ‘Second Industrial Revolution’ of the late nineteenth and early twentieth century.

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Paper provided by McGill University, Department of Economics in its series Departmental Working Papers with number 2009-05.

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Length: 26 pages
Date of creation: May 2009
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Handle: RePEc:mcl:mclwop:2009-05

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Find related papers by JEL classification:
D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other
O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
O34 - Economic Development, Technological Change, and Growth - - Technological Change - - - Intellectual Property Rights

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This page was last updated on 2009-11-19.


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